January 20, 2001
Increasing the Small Plan Formation: A Blueprint for Congressional Action for the Next Five Years
- January 20, 2001
- Publication: New York University
- Related Attorneys: Paula Calimafde, Deborah Cohn
- Related Practice Areas: Employee Benefits, Retirement Plans
Congress recognizes the immediate need for a larger percentage of small businesses to offer qualified retirement plans.
Congress recognizes the immediate need for a larger percentage of small businesses to offer qualified retirement plans. Coverage of employees who work for small business lags far below that of employees of larger entities. This is true even though many of these employees work full time. According to the Small Business Administration (SBA), in 1997 small businesses represented over 99% of all employers, created nearly all of the new net jobs and accounted for 51% of the private sector output. Further, the SBA estimates that small businesses employ 53% of the private sector workforce. Yet fewer than half of the employees working for a small business have access to a retirement plan, and as the size of the business decreases, the coverage figures decrease correspondingly. It is estimated that less than one-third of employees working for firms with between 25-99 people are covered. In comparison, 80% of employees working for firms with over 100 employees are covered by a retirement plan.
July 11, 2018
Congratulations to Ryan Spiegel who has been named to The Daily Record’s 2018 VIP List.Read More
D.C. voters approve ballot Initiative 77, which eliminates the tip credit and increases the minimum wage for tipped workers to $15/hour by 2025.Read More
Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys and relevant to our areas of practice.Read More