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Barbara, Here Are Your Articles for Tuesday, September 12, 2023
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SMALL BUSINESSES MAY FORGO RETIREMENT PLANS

 

The SECURE Act of 2019, followed by SECURE 2.0 in 2022, was intended to
facilitate the implementation of retirement plans for companies of all stripes.
A major goal was to reduce administrative burdens, particularly on small
businesses, which should especially benefit from the extension of low-cost
options and limited contribution matching.

However, employees at smaller companies still lack access to the kinds of
retirement plans provided by larger enterprises. Among the plethora of surveys
conducted regularly, the Transamerica Institute reports that small firms are
much less likely than their more substantial brethren to offer their workers
401(k) plans or similar benefits.

Which companies are offering plans?

Among Transamerica's respondents surveyed in May, 58% of small businesses are
making plans available, but that glass is only half full: 34% do not. Another
survey, conducted by Capital Group, examines the smallest fry. In truly boutique
operations, those with fewer than 10 employees, only 28% of those surveyed
currently provide plans. And among slightly larger businesses that are engaging
10 to 24 workers, only 51% provide plans. Yet it appears that many are almost
ready to embrace SECURE 2.0 and its provisions. An impressive 42% of the
laggards indicated they are likely to launch retirement plans in the next couple
of years. The levels of savings in 401(k) accounts across the board tell a
similar story. Among the largest companies, employees, on average, have socked
away $115,000 in their retirement vehicles; in midsized firms, the average nest
egg comes to $69,000; while in small operations, workers have accumulated only
$36,000 in their accounts.

Capital Group, which surveyed 600 employees and business owners, discovered that
73% of owners claim they expect to offer plans within two years; however, so
far, only 49% have acted. It might be too early to count the chickens.

Pew Research has carried out extensive research on which companies are offering
plans and how employees are taking them up. It found that some industries —
notably, those that employ more full-time workers — are more inclined, are more
financially stable and generally provide broader benefits. Typical areas include
management, professional services, production and transportation. Older
businesses with more established finances are also more likely candidates, as
are those that are incorporated.

Why businesses balk

Companies tend to give three principal reasons for not providing retirement
plans:

 * They are not large enough. Firms need to reach a certain level of financial
   stability before they are equipped to take responsibility for plans.
 * Costs.
 * Their employees are not interested enough. When Pew surveyed workers in 2017,
   it found that 93% of business owners believe their employees would prefer
   higher salaries over retirement benefits. Even among benefits, employees tend
   to prioritize health plans or personal time off over retirement support.

Another reason employees may not fully appreciate retirement benefits is a lack
of familiarity with plan options, which comprise a daunting alphabet soup. They
are, of course, aware of 401(k)s, which are by far the most popular. They are
less conversant, however, with simplified employment pension plans, savings
incentive match plans for employees or "my retirement accounts," all of which
have been tailored expressly for small businesses and individuals. They also may
not have considered pooled employer plans, which allow a group of companies to
pitch in together to run a single 401(k).

So why do some small companies offer plans? Some business owners are
paternalistic and may be motivated by personal responsibility for their
workforces. Many view them as a magnet to attract and retain employees or
potential tax benefits. Finally, perhaps less altruistically, many business
owners have their own retirement in mind when they structure a group plan.

Busy, busy

Retirement gets lost among the cracks. Small-business owners are frantically
busy and concentrated on running day-to-day activities. Their schedules are a
constant race against time as they navigate challenges, from putting out
brushfires to finding new customers or arranging new rounds of funding. They are
constantly juggling costs, exacerbated by the backdrop of inflation.

Do any of these describe your business? Talk to your financial advisers about
enlisting professional help. They may suggest finding a provider to support you
with plan design, compliance testing, IRS forms and integrating payroll
functions to manage employees' contributions.

 

 

 

 

 

 

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