Small businesses understand the need to offer 401(k) plans to help recruit and retain employees in a tight labor market, and pending SECURE Act 2.0 legislation would give further incentives. However, the administrative burden can be daunting when companies also are dealing with high inflation, supply chain snags and other challenges.

Equitable, a leading financial services organization, recently launched Retirement Gateway for Small Business, which aims to simplify onboarding and administration for small businesses, including those with startup plans and ones with account values up to $500,000.

"We anticipate the enhanced tax credits for small businesses establishing retirement plans included in the SECURE Act 2.0 proposal will help grow the micro-401(k) market over time," says Keith Namiot, COO of group retirement for Equitable. "We have aligned our new program with where the market is expected to grow, and we are excited to help plan sponsors and advisors overcome the administrative barriers associated with setting up 401(k) plans, a hurdle that has historically deterred many small businesses from offering them."