Administration August 2, 2003

Small Biz Retirement Plans under Construction

February 20, 2002 (PLANSPONSOR.com) - While construction companies are relative newcomers to the retirement plan market compared to other small businesses, more plan to offer them in the near future, according to a survey by Nationwide Financial.
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The survey found that

  • almost 45% of small construction businesses with retirement plans are particularly likely to have offered them for less than five years
  • compared with 24% of all respondents.

While at the same time:

  • some 64% of construction businesses that do not offer retirement plans indicate that they are likely to establish one in the next three years
  • in comparison to 20% of all respondents.

The study also revealed that construction companies are more likely than any other type of business to say that concern for the welfare of their employees is a reason they offer the plan.

The survey, conducted by Greenwald & Associates, a public opinion polling firm, surveyed 730 business owners and decision makers from businesses with 25 to 200 employees.

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