Small Businesses – The Key to Employees’ Security

by Phyllis Borzi on May 16, 2014 · 2 comments

Our nation’s small businesses are the backbone of our economy. There are 5.6 million businesses with fewer than 100 employees that employ 39 million workers. Employers play a key role in making financial security possible for their employees. Their role includes much more than cutting a paycheck. By sponsoring health and retirement plans, employers give their workers immediate security through health coverage and future security through retirement savings plans.

My agency, the Employee Benefits Security Administration (known as EBSA), protects workplace retirement, health and other employee benefit plans for both employees and employers. An important part of our work is educating small businesses about benefit plans – both those that do not have a plan and those that do.

As part of National Small Business Week, I want to let small business owners know that we are here to help you with respect to both retirement and health benefit plans.

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For small businesses that do not have a benefit plan, we provide information on your options. While you are working hard to run your business, a retirement plan can provide the savings necessary for you and your employees to have a secure retirement. At the same time, a health plan can ensure that you and your workers can receive necessary medical care when confronted with costly or unexpected health problems.

For more information on retirement and health benefit plan options and to learn more about what is involved in operating a plan, visit our website at dol.gov/ebsa. We have publications, videos, online tools, webcasts and workshops to help you.

We know that most fiduciaries and employers want to do the right thing for the workers who depend on their health and retirement plans. However, inadvertent mistakes can create significant problems, and our goal is to prevent this from happening.

We help employers understand basic fiduciary responsibilities through seminars, webcasts, publications, check sheets and tips, frequently asked questions and online tools. You can find these resources on our website.

We also have a number of in-person seminars coming up. If you have a retirement plan, please join us in Hartford, Memphis, Madison, or Oklahoma City. If you have a health plan, we hope to see you in Louisville and more locations to be announced shortly. Subscribe to our homepage to receive notices of future events as they are scheduled.

Small businesses serve a crucial role in our country. We know that you have limited time, resources and access to professional help with benefit programs – we are here to help you. If you start today, you and your employees can enjoy a more secure and healthy tomorrow. 

Phyllis C. Borzi is the assistant secretary of labor for employee benefits security.

{ 2 comments… read them below or add one }

1 Deming May 22, 2014 at 9:37 am

Great news. Retirement and other benefits are the biggest need for small business to be competitive in attracting good talent. Since 70% of all jobs come from business with 500 or fewer people, this is a HUGE opportunity for the Government to strengthen and support the workforce.

2 Business Cash Advance June 6, 2014 at 10:18 am

It’s good to know the help and support is out there for small business employers especially as over half of the working population are employed by small business.

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