New York (PRESS RELEASE – October 23, 2010) – The U.S. Department of Labor and the American Institute of Certified Public Accountants launched a new, interactive website to help small businesses select a retirement plan suitable for their employees.
The website, “Choosing A Retirement Solution for Your Small Business” was jointly developed and is co-sponsored by the Labor Department’s Employee Benefits Security Administration and the AICPA.
“As we observe National Save for Retirement Week, this new website is an important tool to help small businesses provide retirement benefits for their employees,” said EBSA Assistant Secretary Phyllis C. Borzi. “Having the right plan will give small business owners a way to save for their own retirement while also helping their employees achieve a more secure retirement.”
“The economic turmoil of the past two years has underscored the importance of sound retirement plans for employees of small businesses,” said Jim Metzler, AICPA’s vice president of small firm interests. “The Department of Labor and the CPA profession have created a powerful alliance to help a vital component of our capital-market system.”
The website introduces employers to a number of retirement plan options from a simpler individual retirement account-based plan to the more sophisticated automatic enrollment 401(k) plan. It describes the advantages and features of various retirement plans. Even businesses with as few as two employees will find options using this new online tool.
The 360 Degrees of Financial Literacy campaign teaches financial literacy to Americans in every stage of life. The site’s “Retirees” section under “Life Stages” provides guidance on retirement planning and related topics.
About the AICPA
The American Institute of Certified Public Accountants is the national, professional association of CPAs, with 369,000 CPA members worldwide in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA publishes the website www.IFRS.com to inform members and the public about international accounting standards. The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, N.J. and Lewisville, Texas.