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Administration Proposes 21st Century Retirement System

In November the Administration launched the MyRA retirement tool encouraging individuals to establish retirement accounts, however,  President Obama has now focused his attention on small employers (with less than 100 employees) who currently do not offer a retirement plan to their employees.

For small employers, the challenges tied to administering retirement plants have proven to be complex and in some cases, the fiduciary responsibility for proper plan administration is a liability that a small employer cannot justify.

Yet, in the President’s fiscal year 2017 budget (FACT SHEET: Building a 21st Century Retirement System), his administration proposes several actions to encourage and potentially force small employers to offer retirement accounts, including:

Make it easier for employers to create pooled 401(k) plans to lower cost and burden.
Provide tax cuts for businesses that choose to offer more generous employer plans or switch to auto-enrollment.
Expand retirement savings options for long-term, part-time workers.
Proposed to automatically enroll workers without access to a workplace plan in an IRA.

While the intention of the President’s proposal is to create additional opportunities for Americans to save for their retirements, we are cautious as to the legal and paperwork burden this could place on small business owners. The NASE continues to monitor action on the proposal and will work with our members when the time comes to draft a policy statement that represents our members.

Katie Vlietstra is NASE’s Vice President for Government Relations and Public Affairs.

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