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Benefits November 1, 2006
Majority of Small Business Leaders Unaware of PPA
November 1, 2006 (PLANSPONSOR.com) - A recent poll
of 507 small business owners or CEO's/Presidents commissioned
by ShareBuilder 401(k) found the majority (61%) had never
heard of the recently passed Pension Protection Act (PPA) of
2006.
Reported by Rebecca Moore
Of the 39% who were aware of the PPA, 76% said it has no impact on their plans to offer a 401(k) plan to their employees , according to a news release on the survey. Only 14% of the respondents currently offer a 401(k) plan to their employees and only 25% said they plan to use a 401(k) to fund part of their retirement income.
“What this survey may suggest is that many small business owners are still focusing on Social Security as a primary source of retirement income, both for themselves and their employees,” said Jeff Seely, chairman and CEO of ShareBuilder Corporation, in the news release.
The 2006 ShareBuilder Small Business Annual Retirement Survey, scheduled to be released later this month, found social security to be an important issue for small business leaders.
The survey was conducted online October 4 – 23, and included 507 small business owners or small business CEO’s/Presidents aged 18 and over who employ 50 employees or fewer, including one-person, owner-operated businesses.
More information about ShareBuilder 401(k) can be found at www.sharebuilder401k.com .