Archive for May 15th, 2008
Retirement security, business competitiveness go hand-in-hand with an UVRA
A financially secure retirement is part of the American dream – but about 50% of all working Americans are not covered by a retirement plan at their place of work. Employees of small- and medium- sized businesses are most at risk of going without access to a workplace-based retirement plan.
This is not surprise, given the dearth of low-cost options available to these employers. Time spent on paperwork and administration aside, most plans require an employer contribution or match. Those that don’t typically have high fees, while cheaper plans either offer fewer choices for workers or have long vesting periods.
Today’s small businesses and their workers need access to a retirement plan that is:
- Efficient (low-cost);
- Safe (well-managed); and
- Flexible (scalable and portable).
In response, a growing number of states are picking up on the idea of an UVRA to meet those needs.
Um, a what?
