GIVING SMALL BUSINESSES A COMPETITIVE EDGE: THE 2015 CONNECTICUT RETIREMENT SAVINGS PLAN (n=451)

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1 GIVING SMALL BUSINESSES A COMPETITIVE EDGE: THE 2015 CONNECTICUT RETIREMENT SAVINGS PLAN SCREEN ER S A M P L E:450 telephon e in terv iew s am on g n on -fran chise,n on -g ov ern m en tsm all busin ess ow n ers ordecision m ak ers w ith (5-50)addition al em ploy ees INTRO: Hello, may I please speak with (INSERT NAME FROM SAMPLE). IF NAME ON LIST NOT AVAILABLE: Is there another business owner or person in charge of employee benefits that I can speak with? My name is with the American Institute of Consumer Studies. We are conducting a brief survey of business leaders regarding retirement. This is a not a sales call. As a leader in the community your opinions are very important. In appreciation of your time, we will mail you a check for $5 if you qualify and complete the survey. (IF ASKED: This survey will take about 10 minutes). (RE-INTRODUCE SURVEY AS NECESSARY) **Programmer note: Code county based on FIPS code in sample file, do not ask S1.** S1. County: 30% 22% 8% 6% 21% 7% 3% 2% Fairfield County Hartford County Litchfield County Middlesex County New Haven County New London County Tolland County Windham County S2. Record gender: (DO NOT READ SELECT ONE ANSWER) 38% Male 62% Female 2015 Connecticut Retirement Savings Plan Survey 1

2 S3. First of all, are you the owner of a small business, are you not the owner, but the person who makes decisions about employee benefits, or are you neither? (DO NOT READ CHOICES - SELECT ONE ANSWER) 44% Owner 57% Decision maker about employee benefits (NOT OWNER) -- Neither **Programmer note: If S3=1-2, skip to S3b.** S3a. May I please speak with the owner or decision maker about employee benefits? 100% Yes (TRANSFER TO PERSON) -- Not available (SET UP CALLBACK) -- No (TERMINATE) **Programmer note: If S3a=1, return to INTRO. If S3a=2, SEND TO CALLBACK. If S3a=3, TERMINATE.** S3b. In what state is your business located? 100% Connecticut -- Other (TERMINATE) -- Don t know/not sure (TERMINATE) -- Refused (TERMINATE) **Programmer note: If S3b=2, 8, or 9, TERMINATE.** **Programmer note: Insert list of counties in S4.** S4. In what county was your company incorporated? 29% 22% 7% 7% 18% 7% 2% 2% 3% 1% 1% Fairfield County Hartford County Litchfield County Middlesex County New Haven County New London County Tolland County Windham County Other Don t Know/Not sure Refused 2015 Connecticut Retirement Savings Plan Survey 2

3 **Programmer note: Randomize question wording local business and franchise.** S5. And is that a local business or a franchise? (DO NOT READ CHOICES- SELECT ONE ANSWER) 100% Local business -- Franchise (TERMINATE) -- Don t know/not sure (TERMINATE) -- Refused (TERMINATE) Interviewer: If necessary A franchise is when a company grants an individual or group permission to carry out specific commercial activities on its behalf. For example, many McDonald s locations are independently owned franchises. S6. Not including yourself, approximately how many people does your company employ? 21% 5-6 Employees 21% 7-9 Employees 44% Employees 14% Employees -- Don t know/no answer **Programmer note: Allow up to 5-digit number. If S6<5 or >50, TERMINATE.** 2015 Connecticut Retirement Savings Plan Survey 3

4 **Programmer note: If S5=2, 8 or 9, TERMINATE.** S7. What type of business or industry characterizes your company? (DO NOT READ CHOICES SELECT ONE ANSWER) 1% Agriculture, Forestry, Fishing 1% Arts, Entertainment, Recreation 2% Communications, Telecommunications 10% Construction 6% Educational services including schools 3% Finance, Insurance -- Government (TERMINATE) 9% Healthcare, Pharmaceutical 4% Hotel, Lodging, Restaurant 1% Leasing & Rental 15% Manufacturing 2% Non-profit 1% Real Estate 12% Retail 24% Services, for example, business, legal, engineering, accounting 2% Transportation, Warehousing 2% Utilities; for example, electric power, gas, water 2% Wholesale Trade 3% Other (specify) -- Don t know/no answer (TERMINATE) -- Refused (TERMINATE) **Programmer note: If S7=07, 98, or 99 TERMINATE.** ******************************************************************************************* ST AN DARD SBO W ork and Sav e Qu es tions ******************************************************************************************* 1SBO. How concerned are you that your employees will not have enough money to cover their living expenses when they retire? Are you very concerned, somewhat concerned, not very concerned or not concerned at all? (DO NOT READ CHOICES- SELECT ONE ANSWER) 24% Very concerned 40% Somewhat concerned 18% Not very concerned 16% Not concerned at all 2% Don t know/not sure <.5% Refused 2015 Connecticut Retirement Savings Plan Survey 4

5 2SBO. In your opinion, do you think CONNECTICUT should do a lot more, some more, a little more or nothing more to encourage its residents to save for retirement? (DO NOT READ CHOICES SELECT ONE ANSWER) 51% A lot more 28% A little more 4% Not much more 12% Nothing more 4% Don t know/not sure 1% Refused 3SBO. Do you have a retirement savings plan for yourself? (DO NOT READ CHOICES SELECT ONE ANSWER) 81% Yes 18% No -- Don t know/not sure (DO NOT READ) **Programmer Note: If Q3SBO=2, 8 or 9, skip to Q5SBO.** **Programmer note: Randomize retirement plans, but always have g last. Show intro wording for first plan only.** 4SBO. What type of retirement savings plans do you have? Do you have [INSERT ITEM] (SELECT ONE ANSWER) a. A 401k or 403b 63% Yes 34% No 1% Don t know/not sure (DO NOT READ) b. An IRA or Roth IRA 68% Yes 30% No 1% Don t know/not sure (DO NOT READ) c. A simplified employee pension plan 2015 Connecticut Retirement Savings Plan Survey 5

6 27% Yes 70% No 3% Don t know/not sure (DO NOT READ) d. Stocks or mutual funds 63% Yes 34% No 1% Don t know/not sure (DO NOT READ) 2% Refused (DO NOT READ) e. A pension plan from a former employer 21% Yes 79% No -- Don t know/not sure (DO NOT READ) f. A personal savings account 86% Yes 12% No 1% Don t know/not sure (DO NOT READ) g. Any other type of retirement savings plan 1% Yes 95% No 1% Don t know/not sure (DO NOT READ) 3% Refused (DO NOT READ) h. Investments 1% Yes i. Real Estate/Investment Properties 2015 Connecticut Retirement Savings Plan Survey 6

7 3% Yes j. Social Security <.5% Yes k. PERS plan (Public Employees' Retirement System Plan) -- Yes l. Annuity 1% Yes m. Insurance/Life Insurance 2% Yes n. Spouse's retirement plans/accounts 1% Yes o. Bonds 1% Yes p. Profit Sharing 1% Yes q. Pension Plan 1% Yes 2015 Connecticut Retirement Savings Plan Survey 7

8 5SBO. Do you offer your employees a retirement savings plan? (SELECT ONE ANSWER) 59% Yes 40% No -- Don t know/not sure (DO NOT READ) **Programmer note: If Q5SBO=1, skip to Q8SBO. If Q5SBO=2, ask Q6SBO and Q7SBO, then skip to Q1STATESBO. If Q5SBO=8 or 9, skip to Q1STATESBO. Flag don t know/not sure (8) responses for further review.** 6SBO. What is the one main reason your company does not offer a retirement savings plan to employees? (DO NOT READ LIST SELECT ONE ANSWER) IF MORE THAN ONE REASON GIVEN: Of those reasons, which is the biggest reason? (n=181) 44% Too expensive 1% Time consuming / don't have time to administer 2% Don t have the human resource capacity / staff to administer 3% Business is too new 1% Concerned about choosing a provider 4% Employees have said they would not participate 2% Don t want to make a long-term commitment 3% Not worth it 7% Not enough employees to make it worthwhile 3% I offer health care instead 10% Most of my employees are part-time / short-term / low pay 2% We are too small in size/small business 1% Don't make enough money/income 1% We are a non-profit business 1% Employees ages/varied ages/are very young/18-20 years of age 3% They have their own/it's their responsibility/on spouses plan 1% We have no employees 1% Employee turnover 1% Cost/fees 3% Lack of employee interest/participation rate would be too low 1% Depends on employee interest/it s up to them to decide 3% Other 4% Don t know/not sure 2% Refused 2015 Connecticut Retirement Savings Plan Survey 8

9 7SBO. What would be the most compelling reason for your company to begin offering a retirement savings plan to employees? (DO NOT READ CHOICES SELECT ONE ANSWER) IF MORE THAN ONE REASON GIVEN: Of those reasons, which is the biggest reason? (n=181) 12% Attract and retain quality employees 4% Have a positive impact on employee attitude and performance 10% Because it is the right thing to do 11% Tax advantages 23% There isn t one/nothing 3% If we grew/became larger as a company/added new employees 4% If we had more profit/made more money/had the money to do it/economic stability 4% If it was more affordable/didn t cost so much 3% If free/if someone else was paying for it 2% To help/enable employee to save for retirement/have a secure retirement 1% The economy/if the economy improved 2% Financial/income/economic reasons 1% If employees were interested/drove it/requested it/wanted it 2% If we start doing better/become more stable/things improved 1% If the market drove it/required it/our competition did it 5% Other 13% Don t know/not sure 1% Refused **Programmer note: After answering Q7SBO, skip to Q1STATESBO.** 8SBO. What type of retirement savings plan does your company offer employees? (DO NOT READ LIST SELECT ALL THAT APPLY PROBE: WHAT ELSE?) (n=267) 66% 401k or 403b 17% IRA or Roth IRA 11% Simplified employee pension plan <.5% Stocks or mutual funds <.5% Real Estate/Investment Properties 4% Profit Sharing 1% Pensions 1% Union Plan/Contract 2% Other 2% Don t know/not sure 2% Refused 2015 Connecticut Retirement Savings Plan Survey 9

10 9SBO. What is the one main reason your company offers a retirement savings plan to employees? (DO NOT READ CHOICES SELECT ONE ANSWER) IF MORE THAN ONE REASON GIVEN: Of those reasons, which is the biggest reason? (n=267) 21% Attract and retain quality employees 11% Have a positive impact on employee attitude and performance 27% Because it is the right thing to do 3% Tax advantages 1% I can t afford to offer health insurance so I offer a retirement plan 7% Benefits/part of employee benefit package 14% So they can save for their future/their retirement/have retirement security/encourages them to save 1% Moral obligation to their employees/to be fair to them 2% Important/everyone should have one 1% It s part of their Union package/contract 2% Needed/we both need to have it (owners and employees) <.5% Good for business/good idea to have it 3% To help them/to make them feel safe/secure/looked after 2% To stay competitive/it s a common practice/an option to offer it 2% Employees deserve it/have earned it/for their value to company 1% We don t offer a pension plan/social Security won t be enough 1% No specific reason 3% Other 3% Don t know/not sure 1% Refused 2015 Connecticut Retirement Savings Plan Survey 10

11 *************************************************************************************** CON N ECT ICUT SPECIFICSBO W ork and Sav e Qu es tions *************************************************************************************** **Programmer note: Randomize items. Show question intro for first item only.** 1STATESBO. I m going to read a list of possible features of a retirement savings plan. Please tell me how important each one is to you as an employer. The (first/next) feature is (INSERT ITEM). Is this very important, somewhat important, not very important or not important at all to you as an employer when considering a retirement savings plan? (SELECT ONE ANSWER) a. Portability, so if you leave one job you can take the money and account with you to your next job. 74% Very important 15% Somewhat important 5% Not very important 6% Not at all important <.5% Don t know/not sure (DO NOT READ) <.5% Refused (DO NOT READ) b. No cost to taxpayers 68% Very important 19% Somewhat important 4% Not very important 5% Not at all important 2% Don t know/not sure (DO NOT READ) c. A low cost to participants 70% Very important 22% Somewhat important 2% Not very important 5% Not at all important 1% Don t know/not sure (DO NOT READ) <.5% Refused (DO NOT READ) d. Professional money management 2015 Connecticut Retirement Savings Plan Survey 11

12 45% Very important 35% Somewhat important 9% Not very important 8% Not at all important 3% Don t know/not sure (DO NOT READ) e. Accessibility, so it is open to all workers without a workplace retirement savings plan 59% Very important 28% Somewhat important 6% Not very important 5% Not at all important 2% Don t know/not sure (DO NOT READ) <.5% Refused (DO NOT READ) f. Ease of use so contributions are taken directly from employee paychecks 66% Very important 21% Somewhat important 6% Not very important 6% Not at all important 1% Don t know/not sure (DO NOT READ) <.5% Refused (DO NOT READ) g. Voluntary 62% Very important 28% Somewhat important 5% Not very important 5% Not at all important -- Don t know/not sure (DO NOT READ) 2STATESBO. Connecticut is developing a plan that addresses the issue of retirement savings. The plan will require businesses of 5 employees or more to establish a basic retirement savings option. Under this developing plan, businesses have the option of 2015 Connecticut Retirement Savings Plan Survey 12

13 creating a simple retirement plan for themselves and their employees. Employers would not be required to make contributions to the plan. If a business chooses not to create a plan, the state will provide a default plan for employees. The state plan would be managed by a private sector financial institution and Connecticut would oversee the program with no cost to taxpayers. It is up to each employee to decide if they want to contribute to the plan, and the account follows workers if they switch employers. How strongly do you support or oppose this legislation? Would you strongly support, somewhat support, neither support nor oppose, somewhat oppose or strongly oppose this legislation? (SELECT ON ANSWER) 30% Strongly support 31% Somewhat support 13% Neither support nor oppose 7% Somewhat oppose 16% Strongly oppose 3% Don t know/not sure (DO NOT READ) <.5% Refused (DO NOT READ) **Programmer note: If Q2STATESBO=3-5, 8 or 9, skip to 11SBO. If Q2STATESBO=1-2, continue to Q10SBO.** 10SBO. Under what circumstances, if any, would you support a voluntary employee retirement account administered by the state of Connecticut? (DO NOT READ CHOICES SELECT UP TO THREE ANSWERS PROBE ANTYTHING ELSE? ) (n=101) 61% Would not support a voluntary employee retirement account 2% If I as the employer had zero risk 5% If I were better informed on how the retirement account would operate 3% If I did not have to worry about administering the retirement plan 4% If I was confident that the retirement plan would be managed properly 8% If it was not administered/financially managed by the state 1% I would support it 1% It should be up to the individual/should be their responsibility 2% If voluntary/optional to employee/employer 2% No cost as an employer/as a taxpayer 4% Other 8% Don t know/not sure -- Refused 11SBO. Whether or not you have a retirement savings plan now, how likely would you say you are to use a plan created by the Connecticut legislation for yourself or your employees - very likely, somewhat likely, not too likely, or not at all likely? (SELECT ONE ANSWER) 2015 Connecticut Retirement Savings Plan Survey 13

14 20% Very likely 33% Somewhat likely 14% Not too likely 30% Not likely at all 3% Don t know/not sure (DO NOT READ) -- Refused (DO NOT READ) 12SBO. How interested would you be in joining a Connecticut-wide coalition to support this new legislative initiative extremely interested, very interested, somewhat interested, not very interested, or not interested at all? (SELECT ONE ANSWER) DEMOS 2% Extremely interested 7% Very interested 20% Somewhat interested 22% Not very interested 48% Not interested at all 1% Don t know/not sure (DO NOT READ) -- Refused (DO NOT READ) 13SBO. I have just a couple more questions. How would you classify your company? Is it a for-profit business or a non-profit business? (SELECT ONE ANSWER) 89% For-profit business 11% Non- profit business -- Other -- Don t know/not sure (DO NOT READ) -- Refused (DO NOT READ) 14SBO. What is your age as of your last birthday? [IN YEARS] **Programmer note: code responses into following age categories (do not show): 2015 Connecticut Retirement Savings Plan Survey 14

15 4% % % % % % 65+ 5% Refused Flag anyone under 18.** 15SBO. Are you registered to vote in Connecticut? (SELECT ONE ANSWER) 89% Yes 11% No -- Don t know/not sure (DO NOT READ) -- Refused (DO NOT READ) **Programmer note: Randomize Democrat, Republican, Independent wording (show something else last).** 16SBO. Do you consider yourself to be a(n) Democrat, Republican, Independent, or something else? (SELECT ONE ANSWER) 18% Democrat 24% Republican 39% Independent 12% Something else 2% Don t know/not sure (DO NOT READ) 5% Refused (DO NOT READ) 17SBO. How would you characterize your political views very conservative, somewhat conservative, moderate, somewhat liberal, very liberal, or none of the above? (SELECT ONE ANSWER) 8% Very conservative 21% Somewhat conservative 40% Moderate 12% Somewhat liberal 5% Very liberal 10% None of the above 1% Don t know/not sure (DO NOT READ) 3% Refused (DO NOT READ) **Programmer note: show one item per screen. Do not scramble.** 18SBO. Besides you, do you have any [INSERT ITEM] living in your household? (SELECT ONE ANSWER) 2015 Connecticut Retirement Savings Plan Survey 15

16 a. Children under 18 27% Yes 72% No -- Don t know/not sure (DO NOT READ) b. Children 18 or older, not including any away at college 24% Yes 75% No -- Don t know/not sure (DO NOT READ) c. Children away at college 20% Yes 80% No -- Don t know/not sure (DO NOT READ) d. Parent or adult relative, not including a spouse 12% Yes 87% No -- Don t know/not sure (DO NOT READ) <.5% Refused (DO NOT READ) 19SBO. Are you currently married, not married, but living with a partner, widowed, divorced or separated, or never married? (SELECT ONE ANSWER) 68% Married 8% Not married, but living with a partner 4% Widowed 11% Divorced/Separated 2015 Connecticut Retirement Savings Plan Survey 16

17 7% Never married <.5% Don t know/not sure (DO NOT READ) 2% Refused (DO NOT READ) 20SBO. And, how many years have you been in business in CONNECTICUT? Interviewer Instruction: If less than one year, enter as 0 17% % % 30+ <.5% Don t know/not sure (Do not read) -- Refused (Do not read) 21SBO. We realize income is a private matter and so rather than ask you anything specific about your income, I d like to ask you to please stop me when I get to the category that includes your business revenue in Was it? (READ CHOICES BELOW SELECT ONE ANSWER) 2% Less than $0, it was negative 1% Less than $10,000 4% $10,000 to less than $50,000 8% $50,000 to less than $100,000 8% $100,000 to less than $200,000 8% $200,000 to less than $500,000 15% $500,000 to less than $1 million 32% $1 million or more 6% Don t know/not sure (DO NOT READ) 17% Refused (DO NOT READ) **Programmer note: If Q12SBO=1-2, 8 or 9, skip to Z1.** **Programmer note: If Q12SBO=3-5, ask R1.** 2015 Connecticut Retirement Savings Plan Survey 17

18 R1. The Connecticut Coalition for Retirement Options is very interested in people who can share their story to raise awareness for this important topic. Would you be willing to speak with the Connecticut Coalition for Retirement Options or media about some of the things related to retirement savings addressed in this survey? This would not be a sales call. (n=129) 26% Yes 73% No 1% Don t know/not sure (DO NOT READ) **Programmer note: If R1>1, skip to Z1.** R2. Because you would be willing to speak with the Connecticut Coalition for Retirement Options, we also will be providing them some limited information about you. This information will be limited to the following: (1) your first and last name, (2) your telephone number, (3) your gender, (4) your age group and your responses about employer retirement savings plans you gave to this survey. Are you still willing to speak with the coalition? (n=33) 94% Yes 6% No -- Don t know/not sure (DO NOT READ) -- Refused (DO NOT READ) **Programmer note: If R2>1, skip to Z1.** R3. Thank you for indicating your willingness to speak with Connecticut Coalition for Retirement Options. The coalition may contact you first to verify that you are still interested in sharing your story. We cannot guarantee that the coalition will contact you, but we will be sure to make a note of your interest in being interviewed. Z1. In order to send you a check for $5 as our way of saying thank you for participating in this study, we will need your full name and mailing address. This information will only be used to mail you your $5 check. Would you like to provide this information? Yes No Don t know/not sure (DO NOT READ) Refused (DO NOT READ) **Programmer note: If Z1=1, ask Z2 then skip to ENDING. If Z1=2, 8, or 9, skip to Z3.** 2015 Connecticut Retirement Savings Plan Survey 18

19 Z2. Full Name: Address: City State: ZIP: **Programmer note: After answering Z2, skip to ENDING.** Z3. Would you like us to donate your $5 to the American Red Cross instead? Yes No Don t know/not sure (DO NOT READ) Refused (DO NOT READ) ENDING: Those are all the questions I have for you. Thank you very much for helping us with this important study. Have a great day/evening. INTERVIEWER, IF ASKED ABOUT SPONSOR: The survey sponsor is the Connecticut Coalition for Retirement Options 2015 Connecticut Retirement Savings Plan Survey 19