Retirement Relief
Congress is making it easier for entrepreneurs to offer pensions.
It looks like Congress will lift the heaviest sections of the "top heavy" rules that stop many small businesses from offering pension plans. But that's only one of the reforms in a bill (H.R. 1102) that was working its way through Capitol Hill at the end of the 2000 session. The bill passed the House on July 19 by a vote of 401-25, making passage by the Senate a near certainty. Ditto for President Clinton's signature.
"Reform is critical if we are to encourage businesses to offer a pension benefit now, while many workers still have time to build for their retirement," says Bruce Josten, executive vice president of the U.S. Chamber of Commerce. "Without reform, more workers will be forced to rely on Social Security, which is already facing financial difficulty."
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
These Co-Founders Are Using 'Quiet Confidence' to Flip the Script on Cutthroat Startup Culture and Make Their Mark on a $46 Billion Industry
-
My 7-Year-Old Daughter Started Selling Eggs. Here's What She Taught Me About Running a Startup.
-
Why You Need to Become an Inclusive Leader (and How to Do It)
-
Career Transitions You Can Make in Your 40s and 50s
-
Billionaire Naveen Jain Is an Expert at Disrupting Fields He Has No Experience In. His Secret Sauce for Building Multi-Million Dollar Companies? 'You Have to Come as Naive.'
-
4 Principles to Develop Next-Level Leadership at Your Company
-
This Filipino American Founder Is Disrupting the Beverage Aisle by Introducing New Flavors to the Crowded Bubbly Water Market