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401(K) Plans · Defined Benefit Plans · Retirement Coverage · Small Business
Small businesses are increasingly offering retirement plans, driven by a tight labor market, state mandates, and federal incentives like the SECURE Act and SECURE 2.0, which offer tax credits.
New plan types such as pooled employer plans (PEPs) and automated technology platforms are simplifying the process. Projections estimate up to 40,000 new plans annually, reaching 1 million total 401(k) plans by 2030.
Despite these positive trends, obstacles like inflation, perceived setup costs, and a lack of expert connections remain. The article also discusses recommendations from the National Institute on Retirement Security to boost defined benefit (DB) plans, including lowering PBGC premiums, recognizing risk-sharing plans, increasing flexibility for overfunded plans, permitting pre-tax employee contributions, and allowing DC-to-DB transfers.
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