Labor Department Offers New Retirement Rule to Help Small Businesses
The U.S. Department of Labor published a new rule offering small businesses the option to collaborate and offer their employees retirement plans similar to those provided by larger corporations.
According to POLITICO, the rule creates a system where small or mid-sized employers located in the same state or metropolitan region can present 401(k) plans that would be sponsored by a larger organization, like the area's Chamber of Commerce. Alternately, similar companies, like multiple security firms, operating in different areas of the United States could also combine to offer this enhanced employee benefit.
For small businesses looking to boost their security, this may open up more resources for attracting and retaining security and/or cybersecurity personnel, an area highlighted in the July issue of Security Management.