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Nationwide: Owners, HR Differ On Retirement Plans

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NU Online News Service, Feb. 6, 9:49 a.m. – Owners of midsize businesses and their human resources managers really do seem to have different attitudes about picking retirement plans.

Researchers at Greenwald & Associates, Washington, recently measured the gap by surveying 730 business owners and HR managers for a study commissioned by Nationwide Financial Services Inc., Columbus, Ohio. All the participants came from businesses with 25 to 200 employees.

When researchers talked to the owners, 55% said helping employees defer taxes on savings would motivate them to start a plan, while 48% were eager to defer taxes on their own savings and key executives’ savings.

Sixty-six percent of the HR managers wanted to help employees get tax-deferred savings, but only 39% said they were motivated by helping the boss and key executives get tax-deferred savings.

Owners and HR managers also expressed different attitudes about employee expectations. Thirty-one percent of the HR managers said meeting employee expectations was an important reason to start a retirement plan, but only 23% of the owners did.