FACT SHEET: Final Rule on Association Retirement Plans
July 29, 2019
Expands access to affordable quality retirement saving options for Americans working in small and mid-sized businesses.
According to a 2018 study by the U.S. Bureau of Labor Statistics, approximately 38 million private-sector employees in the United States do not have access to a retirement savings plan through their employers. Approximately 85% of workers at private-sector establishments with 100 or more workers were offered a retirement plan. In contrast, only 53% of workers at private-sector establishments with fewer than 100 workers had access to such plans.
A survey by the Pew Charitable Trusts found that only 53% of small-to mid-sized businesses offer a retirement plan; 37% of those not offering a plan cited cost as a reason.