United States

No 401(k) at your job? How to get your boss to start a retirement plan

Two weeks ago I shared tips to wake up a napping 401(k) plan. But what if you work for the nearly half of U.S. companies that don’t offer a retirement plan? Don’t suffer without.  You can demand better — and make it happen. Start by learning why your employer doesn’t sponsor a retirement plan. Time commitments and high start-up costs are big hurdles, particularly for smaller firms. Managing the plan and ensuring regulatory compliance takes significant time and attention. It also comes with liability, which many firms find too risky. Plan administrators can face civil and even criminal penalties if the plan doesn’t meet regulatory and legal requirements. The fee-time-risk triple threat may be why more than 90% of small businesses ...