Trump signs order to increase access to retirement plans
CHARLOTTE, N.C. (AP) — President Donald Trump on Friday directed the Labor and Treasury departments to work to make it easier for small businesses to band together to offer retirement plans to their workers.
Trump signed an executive order requiring that the departments issue regulations to remove regulatory hurdles that keep small businesses from coming together to form what are called association retirement plans. He said the cost of administering 401(k)s and other plans discourages small businesses from making them available.
"They'll be banding together. They'll have such strength," Trump said. "They'll be able to negotiate incredible deals."
Most Americans use plans offered by their employers to save for retirement.