Small employers are the biggest segment lacking coverage, he says. That’s because many small businesses lack time and money to set such programs up, he says.
The new law, called the Secure Act, aims to help with that in part by allowing smaller employers to band together to share the administrative burden — making it cheaper and easier to offer retirement benefits. How many will do so and expand their retirement benefits is far from clear, because the program is optional.
And, Certner says, the law won’t apply to many other workers who aren’t classified as employees. That’s because they’re contractors or gig workers who aren’t eligible for those benefits.