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| Benefits & Requirements |
| Retirement Savings: It's becoming a national prioirity |
A joint statement issued recently by Secretary of Labor Alexis M. Herman and Treasury Secretary Larry Summers sounds the call for business owners to recognize their responsibility to help employees prepare for the future. "We must encourage individuals to increase their retirement savings. Our national economic health and the financial security of our nation's workers during retirement depend on it,” reads the statement.
The labor department announced three initiatives that are aimed at increasing retirement savings among Americans. Because women, low wage earners, and employees of small businesses do not typically have a lot of retirement savings options, the DOL has initiated programs that target these groups specifically.
Americans are slowly beginning to face up to the realities about the retirement they dream of. According to one survey, 60% of Americans age 50-54 do not have, or do not expect to have, enough money saved to allow them to retire and maintain a comfortable standard of living.
Faced with the specter of working well into the golden years, younger employees are seldom content with employment that does not offer them the peace of mind that comes with a Regular Retirement Savings Plan. They are among the first to “jump ship” when a better offer comes along.
We are committed to helping you provide adequate retirement planning options for your employees. Please contact a member of our benefits department for more information about retirement savings options we offer.
Employees Working for Small Businesses
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Small Business Employees with access to Pension Plans
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40 Million
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8 Million
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(Source: Department of Labor: Pension and Welfare Benefits Administration)
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