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Archived News Release — Caution: Information may be out of date. Archived News Release — Caution: Information may be out of date.
For more information call: (202) 219-8921
Small Business Administration Encourages Business Use
Secretary of Labor Alexis Herman today unveiled a new interactive
website for small business owners who want to start a retirement savings plan
for their employees.
The Department of Labor developed this site as part of its national
education campaign to encourage retirement savings in America. Known as the
Small Business Retirement Savings
Advisor, the site helps small business owners identify the best
retirement savings vehicle for them by letting them explore various retirement
plan options.
Some 40 million Americans -- nearly 40 percent of the private-sector
workforce -- are employed in businesses with 100 or fewer employees, where many
workers get their first job and basic skills. However, there is a trade-off.
According to Herman, "Only about one-fifth of the United States' five million
small businesses provide some form of pension plan for their employees."
Throughout her first year at the Labor Department, Herman has traveled
around the country and spoken with hundreds of small business owners. She was
often asked questions such as, "What pension plans are available to a company
my size?" and "How do I go about setting up a plan for myself and my
employees?"
This free website can now answer these and other commonly-asked
questions. "The Internet advisor also encourages small business owners to offer
a plan for themselves and their workers by providing information about
simplified and low cost plan options," Herman noted.
Aida Alvarez, Administrator of the U.S. Small Business Administration,
said the Labor Department's new pension-oriented website will be a plus for
small business owners.
"At SBA, we have found our own website to be an indispensable tool for
reaching entrepreneurs with a wealth of useful information," said Alvarez. "I'm
sure small business owners trying to assess retirement options for their
employees will find the 'Small Business Retirement Savings Advisor' to
be a valuable resource."
The Small Business Retirement Savings Advisor can be accessed
through the Department of Labor's website at
www.dol.gov/dol/pwba.
Archived News Release — Caution: Information may be out of date.
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