#SmallBusinessAmerica: New day for retirement plans.@GeneMarks @Guardian @PhillyInquirer
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 28 January 2023
⏱️ 10 minutes
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Summary
@Batchelorshow
#SmallBusinessAmerica: New day for retirement plans.@GeneMarks @Guardian @PhillyInquirer
https://www.paychex.com/worx/podcasts/business/secure-act-combating-retirement-crisis
Transcript
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| 0:00.0 | This episode is brought to you by Slack. With Slack, you can bring all your people and |
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| 0:16.8 | like huddles for quick check-ins or Slack Connect, which helps you connect with partners |
| 0:21.0 | inside and outside of your company. Slack, where the future works. Get started at |
| 0:27.0 | Slack.com slash THQ. |
| 0:35.0 | This is CBS I in the World. I'm John Batser with Gene Marks, the small business columnist |
| 0:41.2 | for the Guardian newspaper in the United Kingdom, but the UK edition and the US edition as well |
| 0:46.0 | as our hometown newspaper, the Philadelphia Inquirer. And we come now to two columns that |
| 0:50.8 | Gene's posted recently, one at the Hill, having to do with changes in relationships between |
| 0:57.4 | the employee and the employer. The first is to do with the Labor Department, the Department |
| 1:03.8 | of Labor and worker classification. Gene, you are not pleased with the direction this is |
| 1:10.1 | going. What will this mean for small businesses? |
| 1:13.1 | It is, it is a little role that's coming out soon that it's going to have an enormous |
| 1:17.4 | impact on small businesses, John. And if you're running a small business, you really have |
| 1:21.5 | to keep your eyes and ears open. It has to do with how you're classifying your independent |
| 1:26.4 | contractors. There's people that you have that you, you know, you feel like there's 10, |
| 1:30.4 | 99 forms because the Department of Labor is coming out with new rules. They've actually |
| 1:34.1 | revised the rules. They've now finally got it down to an economic reality test. There's |
| 1:40.0 | a bunch of factors about this test, but there's one in particular that I want to make sure |
| 1:44.3 | that you're aware of. If you have an independent contractor, that's considered to be an integral |
| 1:50.0 | part of your business, then that independent contractor, John, would most likely have |
... |
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