The small businesses offering a 401(K) established a retirement plan to make it easier for businesses to offer pension plans for employees.
President Clinton passed this act to provide job protection, increase the living standards of workers and create secure job opportunities for people.
This act had substantial implications for small business owners as it changed federal minimum wage requirements.
This act also adjusted taxes and simplified pension rules for small businesses.
It opened up new opportunities for small firms that could compete with larger firms by offering their employees handsome salary packages.
People got attracted to small businesses due to retirement plans.
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