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For Immediate Release
Seventy Percent Of Small Business Owners Say Social Security Matters At The Polls Next Week
Few aware of the Pension Protection Act
BELLEVUE, WA. In a recent survey commissioned by ShareBuilder 401(k) (www.sharebuilder401k.com), 70 percent of small business owners in the U.S. said that Social Security will be an important issue when they cast their votes in next week's mid-term elections. While the survey, which was conducted by Harris Interactive, identified Social Security as an important issue for small business owners, not all retirement issues ranked as highly.
Fewer than half of those surveyed were aware of the recently enacted Pension Protection Act 61 percent said they had never heard of the legislation. Of the 39 percent of respondents familiar with the Pension Protection Act, only 56 percent said it will be an important factor in their voting and 76 percent said it makes no impact on their plans to offer a 401(k) plan in the future.
Of the more than 500 respondents who participated in the survey, only 14 percent currently offer 401(k) plans at their companies and 25 percent of participants plan to use a 401(k) to fund a portion of their retirement.
"What this survey may suggest, is that many small business owners are still focusing on Social Security as a primary source of retirement income, both for themselves and their employees," said Jeff Seely, chairman and CEO of ShareBuilder Corporation. "Despite what happens at the polls next week, it is essential that owners of small businesses the engine of our economy understand the importance of company-sponsored 401(k) plans and other retirement benefits in supplementing our Social Security system."
The 2006 ShareBuilder Small Business Annual Retirement Survey is scheduled to be released later this month. This survey was conducted online by Harris Interactive on behalf of ShareBuilder 401(k) (www.sharebuilder401k.com) from Oct. 4-23, 2006. The sampling includes 507 small business owners or small business CEO's/Presidents (aged 18 and over), who employ 50 employees or fewer, including one-person, owner-operated businesses. Companies were weighted by number of employees in order to represent actual proportions in the population.
About the ShareBuilder Small Business Annual Retirement Trend (SBART) Survey
The 2006 ShareBuilder Small Business Annual Retirement Trend (SBART) Survey is the company's first annual survey conducted to measure small business owner's attitudes, preferences, and needs for retirement benefits, both for themselves and their employees. The survey also examines current topics in retirement benefits.
This survey was conducted online within the United States by Harris Interactive on behalf of ShareBuilder 401(k) between Oct. 4-23, 2006 among 507 small business owners or small business CEO's/Presidents (aged 18 and over) who employ 50 employees or fewer, including one-person, owner-operated businesses. Companies were weighted by number of employees in order to represent actual proportions in the population.
With a pure probability sample of 507, one could say with a ninety-five percent probability that the overall results would have a sampling error of +/-4.4 percentage points. Sampling error for data based on sub-samples may be higher and may vary. However, that does not take other sources of error into account. This online survey is not based on a probability sample and therefore no theoretical sampling error can be calculated.
About ShareBuilder 401(k)
ShareBuilder 401(k) provides easy, affordable and smart 401(k) retirement plans for small businesses, ranging from the self-employed to those with 25 or even more employees. As part of ShareBuilder Corporation, which operates ShareBuilder.com, a leading online brokerage, ShareBuilder 401(k) offers a suite of on-demand services that make it simple for employers and employees to open and manage their retirement plans online. ShareBuilder 401(k) plans provide market-efficient investments and model portfolios that make it easy for employees to select the right investments to help them achieve their retirement goals. Customers can also take advantage of ShareBuilder 401(k) Consultants, Customer Success Managers, and Customer Care Agents to receive assistance in choosing and managing their retirement benefits.
ShareBuilder Advisors, LLC, is a registered investment advisor and a subsidiary of ShareBuilder Corporation.
ShareBuilder (www.sharebuilder.com) is an online brokerage designed to make investing in the stock market simple and affordable for both beginning and experienced investors. The company vision is to increase the personal savings rate of the average American by helping people build and manage wealth over the long term. Customers pay low fees on individual transactions, have no account or investment minimums and can choose from three automatic, dollar-based investing programs.
Stuart Robertson, ShareBuilder Advisors, LLC