Poll Shows Small Businesses Agree Lawmakers Should Support Kansas Retirement Savings Option
Over four in five small businesses in Kansas (81%) agree that state lawmakers should support legislation to make it easier for Kansans to start saving for retirement so they can live with dignity as they age, according to a new AARP poll.
Research shows that people are 15 times more likely to save when they can do so out of their regular paycheck. Yet, half of Kansas’s private sector employees –nearly 423,000 workers –work for an employer that does not offer a way to save for retirement at work.
To address this, AARP Kansas is advocating for work and save legislation that will give employers access to a retirement savings option organized through the state treasurer’s office and managed by a financial investment company. The Kansas Work and Save Act, contained in House Bill 2586, has been introduced in the legislature’s House Insurance and Pensions committee and had its first hearing on February 9.
“The results of our survey show that small business owners agree legislators should support a Kansas retirement savings option like the Work and Save Act to help make businesses in the state more competitive and to give more Kansas residents an easy way to save for their retirement,” said Glenda DuBoise, AARP Kansas State Director.
Among the survey’s other key findings:
- 80% agree being able to offer a portable retirement savings program would help attract and retain employees – and stay competitive;
- 71% agree that Kansas lawmakers should support a state retirement savings program;
- 82% agree it is vital for themselves and their employees to have access to the proposed program when thinking about the COVID 19 pandemic’s impact on small business owners and workers;
- 74% are concerned as taxpayers that some Kansas residents haven’t saved enough and could become dependent on public assistance programs in retirement.
Passing the Work and Save Act would be a win for small businesses and hardworking Kansans, as well as the state. Businesses would be able to attract and retain workers and give employees a simple way to save for retirement meaning fewer Kansans will need to rely on public assistance later in life. This could save Kansas taxpayers more than $51.7 million.
“It’s clear from this survey that many small businesses can see that a secure future is out of reach for far too many Kansas residents, especially those who work for themselves or small businesses,” said DuBoise. “While Social Security is a critical piece of the puzzle, it is not enough to depend upon. Many future retirees will not be able to handle the rising cost of basic needs and health care and that’s why we need the Work and Save Act passed into law.”
Learn more about the survey at aarp.org/securefutureks.