Respondents: 79 |
Many micro-businesses throughout the country do not have a retirement plan
set up through their business. This has left many business owners and employees
without retirement savings. Congress is proposing to address this problem by
requiring businesses without retirement plans for employees to allow their
workers to automatically divert part of their paycheck towards an “automatic
IRA” account. The proposal would provide a temporary tax credit to these
employers to help offset the paperwork and regulatory costs of establishing the
new program, and it would not require employers to contribute funds or
administrate the account. Tell us what you think of this new proposal. |
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1. Do you currently offer a retirement plan of any type through your
business? 12% | Yes, presently offer a retirement plan for myself AND/OR my
employees | 11% | No, but plan to offer in the next 12 months | 02% | No, but did offer in the past | 74% | No | 0% | Do Not Know | |
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2. How do you currently administer your payroll? 06% | I outsource our payroll to a payroll administration company which automates
our payroll, allowing for direct deposit | 09% | I outsource our payroll administration, however our payroll is not
automated | 09% | I have a full-time or part-time employee which handles payroll for my
company | 77% | As the owner, I handle payroll for my company by hand | |
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3. As a business owner, would you support a requirement that would
mandate you provide an automatic payroll deduction for contributions to an
Individual Retirement Account (IRA) for your employees? |
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4. How high would a tax credit have to be in order to offset the expenses
of implementing an automatic payroll deduction for contributions to an IRA? 12% | Less than $10 per employee | 11% | $10 per employee | 17% | $25 per employee | 16% | $50 per employee | 43% | More than $50 per employee | |
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5. How would you assess this proposal’s effect on your administrative
burden? 07% | It would slightly reduce my administrative burden | 05% | It would greatly reduce my administrative burden | 40% | I don’t think it would have much effect on my business | 27% | It would slightly increase my administrative burden | 21% | It would greatly increase my administrative burden | |