The problem with the approaches Congress is considering to close the access gap might be a failure to address the blunt reasons behind small employers' reluctance to sponsor plans—the cost of starting a plan. (Photo: Shutterstock)
When Kevin Boyles used to sell 401(k) plans for a living, he'd bring muted expectations into pitch meetings with small business owners.
“If the company had less than 50 employees, our closing chances were about 5 percent,” said Boyles, vice president, business development director for Millennium Trust Company.
“Eighty percent of the time the employers would do nothing, and another 15 percent of the time a competitor won the business,” he added.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
