Small Business Retirement Plans: How Firms Perceive Benefits & Costs

Anqi Chen

Issues in Brief from Center for Retirement Research

Abstract: Our 2023 Small Business Retirement Survey looks at why some small firms offer a retirement savings plan and others do not. Factors that affect whether small firms offer a plan include firm size, wages, and industry, as well as beliefs on whether it will help attract workers. The main barriers to offering a plan are concerns about the stability/size of the firm and the perceived costs of a plan. Concerns about costs are driven by misperceptions; many firms are unaware of lower-cost options for employers and tax credits. The results also suggest that state auto-IRA programs are more likely to encourage than discourage firms from offering their own plan.

Pages: 8 pages
Date: 2024-03
New Economics Papers: this item is included in nep-age, nep-bec, nep-ent and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:crr:issbrf:ib2024-07

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