Small Business Ignorant About Retirement Plans…

December 1998
Journal of Financial Planning;Dec1998, Vol. 11 Issue 6, p13
Academic Journal
This article focuses on the results of a survey on how few employees at small businesses in the U.S. participate in employment-based retirement plans. Of 42 million employees for small employers, a mere 9 million participate in a plan. This is no small number considering that 41 percent of all private-sector wage and salary workers in the United States are employed by small businesses, according to the Employee Benefit Research Institute. While most employees were familiar with 401(k) and profit-sharing plans, an astonishing 47 percent had never heard of the simple plan and an even more astonishing 55 percent had never heard of simplified employee pensions.


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