Sections 401 through 408 of the Internal Revenue Code promulgates the Federal law in regards to retirement plans. These plans are offered as a benefit to employees for the purpose of retention and long term benefits for qualified employees. In business, the second purpose of existence is to maintain employment and create a bond between employer and employee. Retirement plans are an essential tenant of this bond.
The American Benefits Council estimates that about 80% of all American workers have access to an employer sponsored retirement plan. This means that 20% of the workforce has no access to a formal retirement plan. […]