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Secretary of Labor Thomas E. Perez
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News Release

EBSA News Release: [02/17/2011]
Contact Name: Gloria Della
Phone Number: (202) 693-8666
Release Number: 11-0221-NAT

US Department of Labor to host free webcast Feb. 23 on retirement savings options for small businesses and plan providers

WASHINGTON — As part of America Saves Week, the U.S. Department of Labor's Employee Benefits Security Administration and the America Saves campaign of the Consumer Federation of America will sponsor a free webcast on Feb. 23 for small businesses and plan service providers. Topics include choosing a retirement savings plan and the advantages of direct deposits to small businesses and their employees.

The webcast, from 2 to 4 p.m. EST, will focus on retirement savings options ranging from simplified employee pensions and savings incentive match plans for employees, otherwise known as SEPs and SIMPLE IRAs, to the more complex 401(k). The simpler options often require little or no paperwork, while 401(k) plans offer more flexibility in plan design. Some plans allow employees to make additional contributions as a way to grow their retirement savings. Other plans offer small employers and certain low- and moderate-income individuals a tax credit.

The webcast will include representatives from the Labor Department and the Internal Revenue Service providing practical information to help participants understand and compare plan options, as well as provide tips to help participants start and operate retirement savings plans. Additionally, the Consumer Federation of America and NACHA-The Electronic Payments Association will focus on direct deposits as a simple way for employees to build retirement savings at work and a secure financial future. They also will discuss the advantages of direct deposit for employers, including simplifying business processes.

Register for the webcast online at http://www.dol.gov/ebsa by selecting the "Webcasts" link under "Compliance Assistance" on the left side of the screen. Additional information about retirement solutions for small businesses is available on EBSA's website.