President Trump Signs Retirement Savings Executive Order

President Trump late last week signed an executive order that would make it easier for small businesses to mobilize in associations to provide affordable retirement savings plans. "Today's historic action will provide new retirement security to countless American workers and their families," Trump announced on Friday in Charlotte. "We believe all Americans should be able to retire with the confidence, dignity, and economic security that you want."A White House statement on the signing noted that "regulatory burdens and complexity can be costly and discourage employers, especially small businesses, from offering workplace retirement plans to their employees. Businesses are sensitive to the overall expense of setting up such plans. A recent survey by the Pew Charitable Trusts found that 71 percent of small- and medium-sized businesses that do not offer retirement plans were deterred from doing so by high costs; 37 percent cited high costs as their main reason for not offering such a plan. Federal agencies should revise or eliminate rules and regulations that impose unnecessary costs and burdens on businesses, especially small businesses, and that hinder formation of workplace retirement plans."