Smaller enterprises typically do not have the budgets that large organizations do, and thus have to come up with unique ways to compete in the marketplace. Often this takes the form of partnering in a limited capacity; for example, community banks have explored different kinds of models with which they could share technology that would be hard for each institution to afford on its own.
In a similar vein, small business often struggle to offer employees retirement benefits. Especially for employers with a small number of workers, the cost-to-benefit can simply be too high. But the Department of Labor released what we think is a very smart rule this week, enabling small employers who belong to the same trade association to band together to offer retirement plans to their employees.
This is just a small step, but a welcome one, in helping to ease the retirement crisis in America.