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Giving Small Business a Competitive Edge: The Minnesota Secure Choice Retirement Plan

Retired couple enjoying an Autumn drive.

iStock.com/jimkruger

Survey findings show that most small business owners (those with 1-100 employees) agree that saving through work is important and Minnesota should do more to help residents save for retirement. Across a spectrum of personal political views, about three in five small business owners support a state retirement savings plan that would help Minnesota residents build their own private retirement savings.

  • Three in five small business owners support a Minnesota retirement savings plan.

  • Minnesota small business owners favor low cost, widely accessible plans that follow employees from job to job.

  • 61 percent of those who do not offer a workplace savings plan would take advantage of a state plan if offered.

The 2015 Minnesota Small Business Owner Financial Security Survey was conducted as a telephone survey among business owners or decision makers with 1-100 employees. The survey examined opinions and experiences related to retirement savings issues. The survey was 11 minutes in length. Business owners received $5 compensation for completing the survey. A total of 450 interviews were conducted by the American Institute of Consumer Students from July 30-August 18, 2015.  The data was not weighted.  For more information contact Brittne Nelson at BNelson@aarp.org.

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