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The United State Department of Labor has announced a rule created to help improve retirement security for small business employees across America.
The rule, detailed by the Office of the Federal Register, is designed so that small businesses can more easily offer retirement saving plans to their workers through Association Retirement Plans (ARPs).
Under the rule, ARPs could be offered by associations of employers, as well as Professional Employer Organizations, according to the Department of Labor.
The rule affords small businesses the chance to provide their employees with benefits packages similar to those offered by large businesses.
The final rule becomes effective Sept. 30.
"Many small businesses would like to offer retirement benefits to their employees, but are discouraged by the cost and complexity of running their own plans,” says Acting Secretary of Labor Patrick Pizzella. “Association Retirement Plans offer valuable retirement security to small businesses' employees through their retirement years."
The rule could prove to be a valuable addition to workers, as approximately 38 million Americans working in the private sector do not have access to retirement savings plans through their employer.