(via NYTimes.com) President Obama will propose in his 2017 budget new rules that would make it easier for small businesses to join together to form 401(k) retirement plans for their workers, even if the businesses are in different industries, administration officials said Monday.
The officials said that the proposal, if accepted by the Republican-led Congress, could make retirement plans available to more people by reducing administrative costs and compliance issues, which are sometimes too great for a single small business to bear.
Quote:
In addition to the 401(k) proposal, Mr. Obama’s budget will include other modest retirement initiatives, including one that would require businesses with more than 10 employees to automatically enroll their workers in an individual retirement account, known as an I.R.A., if the businesses do not offer a separate retirement savings program.
President Obama has made similar proposals in previous budgets but they have failed to gain the necessary bipartisan support necessary to be enacted.
(Continue reading at NYTimes.com: "Obama to Urge Easing 401(k) Rules for Small Businesses")
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