A better retirement system is critical for the economic security of Americans and for promoting small business competitiveness. Currently, half of all workers lack access to a retirement plan at their workplace. Small businesses face high administrative and cost hurdles that often prevent them from offering retirement plans to employees.

Universal Voluntary Retirement Accounts (UVRAs) are a straightforward alternative to the retirement savings dilemma facing today’s workers and small businesses. UVRAs allow any individual worker to open a low-cost Individual Retirement Account (IRA), and make it easier for small businesses to recruit and retain employees by offering them a way to save for retirement.

Benefits for workers, business and our economy:

UVRAs make retirement plans available to more Americans. Nationally, two out of three low-wage workers and one in four high wage workers continue to lack access to a retirement plan. Many individuals and business owners put off starting a plan due to the complexity of existing retirement plans and confusion over program fees.