Easy access to all the Government news updates

Subscribe and receive personalized news articles straight in your inbox

*By clicking "Join us now" you agree to receive emails, promotions and general messages from ExecutiveGov. In addition, you also agree to ExecutiveGov's Privacy Policy and Terms & Conditions.


Labor Department Proposes Association Retirement Plans for Small Business Employees

1 min read

The Labor Department has proposed a rule that seeks to help American small businesses offer association retirement plans to their employees.

The department said Monday the proposal aims to provide minor enterprises, sole proprietors and professional employer organizations access to retirement plans such as 401(k) packages for their workers.

“Many small businesses would like to offer retirement benefits to their employees, but are discouraged by the cost and complexity of running their own plans," said Labor Secretary Alexander Acosta.

He explained that the association retirement plans will allow employers to perform minimal effort in offering retirement benefits.

The department also plans to save costs and guide small businesses in discussions with financial institutions through the effort.

Around 38M workers in the private sector have no access to a retirement plan via their employers, the department reported.

ExecutiveGov Logo

Sign Up Now! Executive Gov provides you with Free Daily Updates and News Briefings about Technology