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(L-R): NCHBA Legislative Lobbyist Steven Webb, NCHBA Executive Vice President Mike Carpenter, NAHB Director of Government Affairs Jeff Tobin, NAHB CEO Jerry Howard, NCHBA President-Elect Phil Warrick, NCHBA President Alan Banks, NCHBA First Vice President Mark Martin, NCHBA Director of Government Affairs Tim Minton.

NCHBA senior officers and government affairs staff were in the audience Friday afternoon in Charlotte when President Trump signed an executive order called “Strengthening Retirement Security in America” that’s designed to expand access to workplace retirement savings plans for American workers.

NAHB CEO Jerry Howard also attended and spoke on stage during the signing ceremony. He issued the following statement in support of the White House initiative:

“NAHB commends President Trump for making retirement security an important national priority. This need is particularly acute in the residential construction sector, where most home building firms are small businesses with less than 10 employees … The executive order removes needless regulatory barriers that will help more trade groups and small businesses to provide workplace retirement plans for their employees.”

The executive order is aimed at allowing two or more employers who are not related (e.g., car dealerships and restaurants) to establish 401(k) plans as one entity. By pooling resources, unrelated businesses could cut costs, which could lead to more companies offering retirement savings plans. Multiple employer plans would be particularly helpful to small businesses by allowing them to participate in a plan that affords them economies of scale.

This post was written by NC HBA.