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March 1, 2021
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RETIREMENT
(2007-03-19)
(wgvu) - HOUSE DEMOCRATS ARE RE-INTRODUCING LEGISLATION THAT WOULD OFFER SMALL BUSINESSES ANOTHER WAY TO ESTABLISH RETIREMENT ACCOUNTS FOR THEIR EMPLOYEES.
THEY HOPE TO APPROVE THE LEGISLATION AS EARLY AS THIS WEEK.


THE PLAN WOULD ALLOW SMALL BUSINESSES TO CUT ADMINISTRATIVE COSTS FOR 4-0-1 KS BY TURNING THEIR MANAGEMENT OVER TO THE STATE.
THE DEPARTMENT OF MANAGEMENT AND BUDGET WOULD START UP THE BENEFITS PACKAGE, AND THEN SELECT A PRIVATE COMPANY TO MANAGE THE FUNDS.
REPRESENTATIVE MARC CORRIVEAU IS ONE OF THE PROPOSAL'S SPONSORS. HE SAYS A STATE-SUPPORTED PLAN WOULD HELP MORE EMPLOYEES SECURE MONEY FOR RETIREMENT.



BUT THE MICHIGAN DIRECTOR FOR THE NATIONAL FEDERATION OF INDEPENDENT BUSINESSES SAYS THE PROBLEM ISN'T MANAGING THE FUNDS. HE SAYS MOST SMALL BUSINESSES DON'T HAVE THE MONEY TO CONTRIBUTE TO EMPLOYEE 401-KS.
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