Small businesses aren’t known for offering rich retirement plans; workers in firms with fewer than 100 employees are much less likely to have a retirement plan available to them than workers in large firms, according to the Small Business Administration. The financial services industry is making inroads to service small business retirement needs, however, most recently with the Merrill Edge Small Business 401(k) through Bank of America. This retirement solution offers small business owners, who generally have 401(k) plan assets under $250,000, a simplified, easy-to-manage retirement plan with lower costs than many traditional 401(k) plans, enabling small businesses to provide an important benefit to their employees.
“We know how important small businesses are to our nation’s economy and how dedicated their owners are to their employees,” says Robb Hilson, Bank of America Small Business executive. “Offering a simplified 401(k) plan, designed to address the needs of small business owners and their employees, is yet another way we are showing our commitment to supporting small businesses.”
