Breaking Down Executive Order On Retirement Plans

CHARLOTTE, NC — President Donald Trump was in Charlotte Friday signing an executive order on retirement plans and campaigning for Mark Harris and Ted Budd.

“It’s a terrible thing that you see it. So many people complain about it, and we’re here to take care of it,” said President Trump.

It’s a moment Charlotte small business owner Rodney Pitts has been waiting for.

“We, as small business people, have been pushing for the type of changes that he is implementing for the past 10 or more years,” said Pitts.

He owns Southern Elevator. He was in the crowd watching President Trump sign the proclamation to help small businesses like his offer retirement plans.

“Small businesses will no longer have a competitive disadvantage and small business workers will now be treated fairly and have many more choices,” said President Trump.

Specifically, the executive order tells the Departments of Labor and Treasury to find ways to lift regulations to make it easier for small businesses to offer 401k plans.

One idea is to let them pool resources to lower the cost per employee.

“They’ll be banning together. They’ll have such strength they’ll be able to negotiate incredible deals because they have big numbers,” said President Trump.

The President says organizations like Chambers of Commerce could provide the pool plans.

Charlotte Chamber President Bob Morgan was on stage with Trump. He says the Charlotte area has more than 50,000 small businesses with fewer than 20 employees.

The Charlotte Chamber of Commerce would love to be one of the first local associations to enter into one of these new plans,” said Morgan.

A plan that this business owner says will help companies compete with corporations when it comes to hiring.

“This helps us big time,” said Pitts.

These changes would not go into effect immediately. The Departments of Labor and Treasury will have to come up with a plan and that’s when that could go in effect.