A significant wave of retirement mandates is sweeping across the U.S., particularly impacting small businesses which often lack the knowledge and resources to comply. Over 30 states have proposed similar laws, with California being the first to mandate retirement benefits for all businesses with at least one employee by the end of the year. While intended to expand access to retirement savings, many small business owners are unaware of these changes, leading to confusion and financial risks, setting the stage for broader compliance issues nationwide.
The state-level retirement mandates, meant to support workers, are placing burdens on small businesses, leaving many unprepared and unaware of compliance requirements.
As California leads the way in enacting retirement mandates, many small business owners remain uninformed and stressed about the increasing complexity of compliance.
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