Many Smaller Employers Support Lawmaker Retirement Savings Efforts

Small-business owners surveyed predict the greatest potential for a positive impact from government policies could come from expanded tax breaks for automatically enrolling employees in retirement savings accounts (36%).

“Many small-business owners that we work with at Bank of America have told us that they see retirement savings plans as a tool for attracting and retaining talent,” Robb Hilson, Small Business executive for Bank of America, tells PLANSPONSOR. “They feel it’s important to help their employees manage their finances responsibly and save for the future. In addition, the direct financial benefits of the tax breaks would also impact their business in a positive way.”

Small-business owners responding to the Bank of America survey once again cited health care costs as a top concern (70%) with the effectiveness of U.S. government leaders coming in as the second-highest concern (69%), among various economic issues.

When asked which government policies would have the greatest negative impact on their businesses, small-business owners cited required health care plans for employees (39%). However, another 23% believe they would have a positive impact.

Other government policies employers say would have the greatest negative impact on their businesses are mandated sick leave for employees (29%) and increased minimum wage (26%).