Ohio House Bill HB501

Ohio 2023-2024 Regular Session

• Introduced: 4/22/24

Caption

Create Study Committee on Small Business Retirement Options

Impact

The Committee will focus on multiple aspects, including mechanisms to help citizens better prepare for retirement and the feasibility of various retirement programs. It will consider whether the state could implement state-administered individual retirement accounts or multiple employer plans to strengthen retirement savings. The findings from the Committee will potentially lead to recommendations for legislative action that might transform retirement benefits for small business employees across Ohio.

Summary

House Bill 501 establishes the Joint Legislative Study Committee on Small Business Retirement Options, which aims to explore and report on private sector retirement plans and potential state-facilitated retirement savings options. The bill is designed to improve access to retirement programs for employees of small businesses, with an emphasis on reducing the regulatory and operational burdens that these businesses may face when offering payroll deduction retirement savings options.

Contention

While the bill creates an avenue for enhancing retirement savings opportunities, it may also ignite discussions regarding the adequacy of current retirement resources available to Ohioans. Stakeholders such as small business owners and labor representatives will be involved in the Committee, bringing various perspectives on how to balance regulatory measures while promoting employee benefit options. The challenge will be to address the needs of small businesses while ensuring that employees can secure their financial futures effectively.