Why the majority of New York small business owners oppose a new regulation.
State-Sponsored Retirement? NFIB Members Say No Thanks.
In the 2016 Member Ballot, 85 percent of NFIB members opposed legislation requiring employers who do not offer a retirement plan to offer a state-sponsored plan. This legislation will increase regulatory and compliance burdens for employers because of administrative requirements and because, while there is an exemption for certain small businesses, the threshold is not consistent with federal legislation including FMLA and ACA.
NFIB/NY will be hosting a webinar on retirement planning for members during the month of September. Topics covered will include information about SEP vs. SIMPLE IRAs, 401k and defined benefit plan; considerations if the owner plans to use business assets to fund his/her retirement plan; and other tax considerations.
