Increasing Retirement Plan Access for American Workers

• American workers are significantly more likely to save for retirement when given access to a retirement plan at work. In fact, workers who earn $30-50K are twelve times more likely to save at work than on their own.

• While most large employers provide access to a retirement plan for their employees, a significant number of small and mid-size employers do not currently offer this option.

• The Setting Every Community Up for Retirement Enhancement (SECURE) Act will make it easier for small businesses to provide a retirement plan – increasing the number of Americans with access to a plan.

Reducing Red Tape for America’s Small Business Owners

• The SECURE Act significantly increases the tax credit for new plans from the current cap of $500 to $5,000.

• Small employers that implement an automatic enrollment feature in their retirement plan design are eligible for an additional $500 credit.

• The SECURE Act allows two or more unrelated employers to join a pooled employer plan, creating an economy of scale that lowers both employer and plan participant cost.

Resources

NAPA-Net Coverage of the SECURE Act

ARA Government Affairs Summary

SECURE Act Text

SECURE Act Summary

SECURE Act State Specific Impact