Survey: Quarter of CA Small Businesses Provide Retirement Plans

February 22, 2005 ( - A survey of over 1,900 small business owners in California indicated that only 27% provide a retirement plan.

The survey, conducted by the Union Bank of California, also indicated that only half of small business owners in the state provide medical benefits to workers. Of those, 20% shifted costs onto employees in the past year, while 10% reduced overall health benefits.

Worker compensation insurance is also a concern for small businesses in the state, with 66% listing it as one of their top-three concerns. Ninety-two percent claim that the cost of such insurance either stayed the same or increased in 2004. Of those, 8% saw a decline in cost with 39% reporting that the drop was less than 10%.

The survey was conducted from January 10 to 21 by Union Bank’s Small Business Division and included responses from 1,941 small business owners.