The Pew Charitable Trusts recently surveyed more than 1,600 small and medium-sized business owners and managers and found that employers most often cited expense, limited administrative resources and lack of employee interest as main reasons for not offering retirement plans, according to an article published by the National Association of Plan Advisors.
Nearly a quarter (22%) of those surveyed said they hadn’t thought about offering retirement plans. And three-quarters of business owners who do not offer a plan said that under current circumstances they would be no more likely to offer one in the next two years than they are now.
As for what could lead employers to offer a plan, factors include greater profitability, financial incentives and increased demand from employees. To learn more, download the complete survey, titled Small Business Views on Retirement Savings Plans