EBSA Press Release: Labor Department Unveils New Interactive Website for Small Businesses [06/02/1998]

Archived News Release — Caution: Information may be out of date.

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Small Business Administration Encourages Business Use

Secretary of Labor Alexis Herman today unveiled a new interactive website for small business owners who want to start a retirement savings plan for their employees.

The Department of Labor developed this site as part of its national education campaign to encourage retirement savings in America. Known as the Small Business Retirement Savings Advisor, the site helps small business owners identify the best retirement savings vehicle for them by letting them explore various retirement plan options.

Some 40 million Americans -- nearly 40 percent of the private-sector workforce -- are employed in businesses with 100 or fewer employees, where many workers get their first job and basic skills. However, there is a trade-off. According to Herman, "Only about one-fifth of the United States' five million small businesses provide some form of pension plan for their employees."

Throughout her first year at the Labor Department, Herman has traveled around the country and spoken with hundreds of small business owners. She was often asked questions such as, "What pension plans are available to a company my size?" and "How do I go about setting up a plan for myself and my employees?"

This free website can now answer these and other commonly-asked questions. "The Internet advisor also encourages small business owners to offer a plan for themselves and their workers by providing information about simplified and low cost plan options," Herman noted.

Aida Alvarez, Administrator of the U.S. Small Business Administration, said the Labor Department's new pension-oriented website will be a plus for small business owners.

"At SBA, we have found our own website to be an indispensable tool for reaching entrepreneurs with a wealth of useful information," said Alvarez. "I'm sure small business owners trying to assess retirement options for their employees will find the 'Small Business Retirement Savings Advisor' to be a valuable resource."

The Small Business Retirement Savings Advisor can be accessed through the Department of Labor's website at www.dol.gov/dol/pwba.

Archived News Release — Caution: Information may be out of date.