Last week the smart folks in Washington D.C. suddenly discovered small business owners have a tendency to avoid creating retirement benefit plans. No doubt this concerned them because, without the old reliable 401(k) plan to sustain them, retiring Americans will come knocking on Uncle Sam's door looking for that promised safety net.
Being that Uncle Sam can't go knocking on Aunt China's door forever, the prospect of future generations needing government to fund their retirement means Uncle Sam will have to pay back all those IOUs he has been busy stacking up in the Social Security Lock Box.
In the labyrinth known as ERISA regulations, small business owners only find themselves more discouraged when considering whether to start a retirement plan (see "Exclusive Interview with Ary Rosenbaum: The 3 Biggest Compliance Obstacles for 401(k) Plan Sponsors," FiduciaryNews.com, March 13, 2012). Indeed, all the variant rules and regulations of ERISA plus other requirements stemming from the Uniform Prudent Investor Act and the 2006 Pension Protection Act seem like so many mines hidden in an alluringly fertile field.
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