Two of the nation’s most populous states have introduced programs designed to bring retirement-savings plans to residents who don’t have access to one at work. The move escalates government efforts to reduce the retirement-savings shortfall in the U.S.
Small Business News
As a small employer, I can tell you small business owners were not asking for this new rule.
This is a big deal.
The Trump administration has created a lot of confusion through recent changes and misinformation about the Affordable Care Act (ACA), but our state's entrepreneurs and small business employees need to know they can still get quality health coverage through Connect for Health Colorado.
When Illinois lawmakers overrode Gov. Bruce Rauner's veto of a bill intended to place restrictions on short-term health insurance plans sold in Illinois they protected healthcare access for the state's entrepreneurs.
"We've run this experiment before and we saw a lot of fraud and a lot of mismanagement," said David Chase, vice president of national outreach for Small Business Majority, a network of 58,000 small business owners and 1,000 business partners including chambers of commerce, economic
Zachary Davis, who with a partner owns a small ice cream plant, two ice cream shops and a cafe in Santa Cruz, started offering a health care plan to his staff before he legally had to. He wanted to offer a 401(k) plan, but the cost and “compliance challenges” were simply too high, he said.
CalSavers allows employees at small businesses to save for their retirement. The new state-sponsored program was announced on Thursday, Nov. 29, 2018.
“Our 41 employees are like family, which is why we have wanted to provide them with some sort of retirement security program for a long time, but, as a small business, the administrative burden and costs have always been prohibitive for us,” said Lorenzo Harris, President and CEO of Janico Buildi
Lorenzo Harris and his wife own a janitorial services business in North Highlands.