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WASHINGTON – Today, President Trump signed an executive order to make it easier for small business owners to create and offer retirement plans for their employees.
“Today’s Executive Order is a move in the right direction for small businesses by allowing owners an affordable way to offer retirement plans to their workers. Currently, owners could only team up to create 401 (k) plans if they were in the same industry, making it too expensive for many. With that burden removed it would become an affordable option for small businesses, benefiting their companies and employees,” said Chairman Steve Chabot (R-OH).
Specifically, the Executive Order asks the Department of Labor to permit the joint offering of 401(k)s, requests the Department of the Treasury to review its rules for mandatory distributions from retirement savings accounts, and asks that the Labor and Treasury Departments consider ways to reduce paperwork and administrative burdens that can keep small businesses from offering retirement plans.
In April, the Committee held a hearing looking at retirement plans and the burdens placed on small businesses.
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