On Monday, the U.S. Department of Labor established a rule that makes it easier for small businesses to band together and offer joint 401(k) plans through Association Retirement Plans.
Rebekah TuchschererMillions of workers employed by small businesses could soon have greater access to company retirement plans.
Under the new rule, ARPs can be offered by associations of employers in a city, county, state, multi-state metropolitan area or in a nationwide industry, according to theLabor Department. The plans could also be sponsored through a Professional Employer Organization , a human-resource company that small businesses can use to outsource employment responsibilities.
"Many small businesses would like to offer retirement benefits for their employees, but are discouraged by the cost and complexity of running their own plans," Acting Secretary of Labor Patrick Pizzella, said in a statement."Association Retirement Plans offer valuable retirement security to small businesses' employees through their retirement years."
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