On Friday this week, President Donald Trump stopped in Charlotte, NC to sign a new Executive Order establishing Multi-employer Retirement Plans. A number of small business executives and owners from the area were invited by the White House to be present to the signing and to hear first hand the announcement. The actual order may be read here.
“Such a big thing—they’ll be banding together,” said President Trump. “Small businesses will be able to pool their resources so that they can have the same purchasing power or even more, frankly, as large businesses.” In the video below President Trump introduces a few key executives, Robert Cresanti, CEOof the International Franchise Assoc., Jerry Howard, CEO of the National Association of Home Builders and Bob Morgan, CEO of the Charlotte Chamber of Commerce. The president then gives a brief description of the EO and signs.
Before this EO, small businesses did not have the purchasing power to create 401k plans like the ones in place at larger employers, giving the larger employers a competitive advantage when attracting talent. Now small employers will be able to pool their purchasing power through associating together. This also allows established associations such as a Chamber of Commerce or economic development groups to do the same and offer a more robust 401k plan to their associated members or community.
In the video below, the EO is further explained by Alex Acosta, Sec of Labor, Linda McMahon, Administrator of the SBA and comments by Jerry Howard.
Special thanks to Karen Kerrigan, CEO of the Small Business Entrepreneur Council for arranging for Cimplx and other small businesses in the area to be invited to this event. Karen is a great advocate for small business and is at the front of much of the legislation and executive actions which help small businesses everyday. If you are a small business owner and you are not a member of the SBEC you need to look into this organization and join, it is looking out for small business everyday.
More pictures below… (scroll left and right on the first panorama photo)