Engaging Wisconsin small business leaders on retirement security
Having access to a retirement savings program at work is a proven way to increase financial security for American workers. Work and Save programs, also known as Secure Choice or auto-IRA programs, close the retirement savings gap for workers without access to an employer-based program by allowing them to automatically deduct a portion of their paycheck and place it in a retirement account.
Many small employers struggle to offer retirement savings opportunities to their workers, which in turn can make it difficult for them to recruit and retain talented employees. Work and Save allows small and medium-sized businesses the opportunity to compete with their larger counterparts on a level playing field.
Given the importance of access to retirement programs for the financial security of both individuals and companies, Public Private Strategies has been working with AARP to educate the business community about Work and Save retirement programs across the country, including in Wisconsin.
Business Leaders in Wisconsin
We were especially honored to partner with AARP WI and the Wisconsin LGBT Chamber of Commerce on a roundtable event in August of this year. For the event, our team traveled to Milwaukee to engage in a discussion about retirement security and how a Work and Save retirement program could benefit small business owners and employees across the state. This two-part event featured executives from business organizations and small business owners.
The first roundtable brought together leaders from various business organizations, such as Mhong Chamber of Commerce, The Business Council, and the Wisconsin Women’s Business Initiative Corporation (WWBIC). The second roundtable brought together business owners and leaders from around the state.
Wisconsin Treasurer, Sarah Godlewski, keynoted both roundtables and outlined her vision on how to close the retirement gap. Attendees of the roundtables heard from experts about the retirement savings gap in Wisconsin and how roughly 928,000 private-sector employees don’t have a workplace-based retirement program. We presented the business case for the program, sharing research that shows Work and Save could save the state $139 million on public assistance programs by helping people save for their retirement.
The Current Status of Work & Save in Wisconsin
The roundtables provided valuable opportunities to hear from small business leaders and owners about the challenges they face in offering retirement savings programs. The feedback will be incorporated as the State Treasurer’s Office moves forward with this work. In September, the Governor of Wisconsin officially created the Retirement Security Task Force. This task force will research and propose retirement solutions that make sense for Wisconsin small business owners and their workers.
For more information about Work and Save in Wisconsin, check out AARP Wisconsin’s resources. You can also read more about our roundtable at the Wisconsin LGBT Chamber's website.