Reducing Retirement Saving Barriers For Gig Workers

By Brett Owens (May 17, 2018, 12:40 PM EDT) -- It is no secret American workers are falling behind when it comes to saving for retirement. Currently, the retirement system does not provide opportunities for employees working for small business or as independent contractors to take advantage of employer-sponsored retirement plans. As an increasing number of workers continue to join the gig economy, it is imperative for lawmakers and regulators to create a new retirement system that allows for freelancers and individuals working for multiple businesses to easily save for retirement. Although the American workforce is changing, the traditional retirement system does not yet present an option for the evolving workforce. Gig workers are currently not entitled to enjoy a traditional employer-based retirement plan because such plans are subject to stringent rules and only permitted to cover employees and not independent contractors....

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