Businesses in this study do not currently offer a retirement savings plan to their employees and were asked a series of questions gauging their interest and support for a state retirement savings plan that could be available to their employees. The data from this survey show a state retirement savings option can benefit businesses as well as employees―as employees are able to plan their financial future, employers can use the retirement plan to better recruit and retain talent for their company.
Key findings include the following:
- Majority of NY business owners/decision makers with no retirement savings benefit to employees are concerned about retirement security for employees (60% very/somewhat concerned).
- Almost three-fourths (74%) of these business owners support legislation that would establish an easy to use, no hassle, low cost, privately managed New York State retirement savings option.
- More than four in five (84%) agree that New York lawmakers should also support a state retirement savings option.
- Almost three-fourths (73%) of NY business owners/decision makers agree that offering a voluntary, portable plan would help them attract and retain quality employees and stay competitive.
- Almost three-fourths (73%) say if a state retirement plan existed, they would be likely to offer employees access to this retirement savings option.
The AARP 2017 New York Business Owner Work and Save Study was a telephone study among 200 business owners or decision makers about employee benefits at companies with 1+ additional employees within the state of New York who do not offer a retirement savings plan to their employees. Interviews were conducted November 16-December 8, 2017. For more information contact Brittne Nelson at BNelson@aarp.org.
Nelson, Brittne. 2017 AARP Survey of Business Owners: New York Non-Workplace Savings Plan. Washington DC: AARP Research, December 2017. https://doi.org/10.26419/res.00189.001