Retirement Savings Options for Small Businesses Expanded

Small businesses have another retirement benefit offering they can use to attract and retain workers under a new rule advanced by the Trump administration.

The final rule, issued July 29, expands small businesses access to an existing 401(k)-like retirement savings benefit by allowing more associations of employers to join. Under the rule, multiple employer plans are open to self-employed people and can be formed by industry or geography, including participants located in the same city, county, state, or major metropolitan area.

The goal, per the administration, is to expand retirement coverage to the 38 million private sector employees ...