Contributions to small business retirement plans have increased dramatically since the Great Recession, according to Fidelity Research.
The study, which looks at more than 200,000 small business accounts offering a Simplified Employee Pension Plan (SEP-IRA), Self-Employed 401(k) or Savings Incentive Match Plan for Employees (SIMPLE-IRA), found that in the past year alone, the average balance in these plans increased four percent, and average contributions increased 18 percent.
In addition, compared to 2008 levels, when balances were at their lowest, average savings have jumped a whopping 88 percent, which suggest, Fidelity says, that the small business segment is feeling confident enough about their present financial situation to contemplate saving for a future retirement.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
