Rep. Kind to Announce New Legislation to Help Small Businesses Offer Savings Plans to Employees

WASHINGTON, DC U.S. Rep. Ron Kind (D-WI) will hold a conference call tomorrow Wednesday, February 13, 2008 at 11:00 a.m. EST/10:00 a.m. CST to discuss new legislation that will help small businesses offer savings plans to their employees. 

Currently, many small businesses do not offer a 401(k) or similar retirement savings plan because of the complexity, cost, and liability.  In fact, according to a survey of small businesses, only 14 percent of small businesses offer a 401(k) plan, and 63 percent do not offer any form of retirement benefits at all. 

The Small Businesses Add Value for Employees (SAVE) Act of 2008 (H.R. 5160), would change the existing SIMPLE IRA and SIMPLE 401(k) retirement plans to incentivize small business owners to offer savings plans to their employees by providing more flexibility and reducing administrative burdens. 

Joining Rep. Kind on the call will be Sherry Wuebben of St. Joseph Equipment of La Crosse, who struggled to offer savings plans to her employees while her business was growing, as well as Alix Norton, with the National Federation of Independent Businesses and Liz Varley with the Securities Industry and Financial Market Association, whose members are supportive of this legislation.