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How Bad is Small Business 401k Coverage in 2019?

January 13, 2019 / John Sullivan,

A bit of disappointing news to start the New Year regarding the ongoing and evergreen challenge to boost retirement plan coverage for employees of small businesses.New research from LIMRA finds that only four out of 10 small businesses, a sector generally considered to the backbone of American jobs and job growth, offer retirement benefits—either along with insurance benefits or alone.The research organization’s Small Business and Retirement (2019) report also finds that Americans’ top financial concern is affording a comfortable retirement and access to a workplace savings plan is the most effective way to get people to start to save. The good news is LIMRA research finds 40 percent of small business employers feel retirement benefits are more important now than three years ago with 57 percent say it is equally as important.