Stringer gratefully acknowledges the generous support of a dedicated team of academics: David Laibson, Harvard University; Dr.
Mitchell, University of Pennsylvania; Dr.
Alicia Munnell, Boston College; Dr. Joshua Rauh, Stanford University; and Dr. Their critical thinking, insights, and willingness to engage were essential to the development and refinement of this plan. We also offer a special note of appreciation to David Morse, Esq. Antonelli, who has been an invaluable resource. Comptroller Stringer also recognizes the contributions made to this report by: Private sector workers are being asked to assume increasing responsibility for self-funding retirement.
Yet, in New York City, approximately three out of every five private sector workers has no access to an employer-based retirement savings plan, which diminishes the likelihood of accumulating adequate retirement savings. Given both the potential budgetary impacts and the human and societal costs of inadequate financial resources in old age, building retirement savings among uncovered employees is a significant public policy concern.
To help advance affordable, comprehensive solutions to increase retirement security for private sector workers at the local level, the Office of the New York City Comptroller sought the ideas of academic and other experts on how to increase Stanford Business Plan Pdf savings for New York City workers currently lacking access to an employer-based plan.
The academic members included: Stephen Zeldes, Columbia University. Legal assistance and consultation was provided by David Morse, Esq. While individual study group members differed in their support for specific aspects, the plan is an example of the hybrid solution supported by the majority of the group.
Recent rule changes by the U. Department of Labor DOL has provided the regulatory authority to create publicly-enabled retirement savings programs for private sector workers. Although this plan is crafted with New York City private sector workers in mind, it could also serve as Resume For Masters Ghostwriters Site Professional blueprint for a statewide effort if that were preferred or legally required.
Whether the program operates at the city or state level, the input and involvement of the executive and legislative branches—as well as a broad array of key stakeholders—would be essential to the success of any effort.
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A publicly-enabled independent governance board, consisting of subject matter experts with no actual or perceived conflicts of interest relating to their board duties, would oversee the NYC Nest Egg. This oversight would include sponsoring the Empire City k MEP and conducting periodic competitive bidding Stanford Business Plan Pdf prudently select and monitor private providers who would assume fiduciary responsibility, perform administrative functions, and manage investments.
Insurance would cover any residual fiduciary liability for the Board and for employers.
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Additionally, the Board would make available financial planning tools, including online calculators. All marketplace plans and the NYC Roth IRA would harness the power of automatic enrollment, which has been shown to meaningfully improve participation in existing plans and make savings easier, with opt outs for employees. Plan features would include:.
This plan would And Essays On Steroids Sports the many New York City private sector employees who are not currently saving enough for a secure retirement through broad employee participation while providing employers with the ability to choose the option that works best for them and their employees. Lower-wage workers, Hispanic and Asian workers, and those employed by firms with 10 or fewer employees were the most likely to lack access.
Observers from all sides of the retirement security debate have noted that the retirement readiness challenge could be addressed through a comprehensive national solution, but federal legislation to do so has yet be adopted.
In the meantime, a significant, albeit imperfect, solution has arisen to fill the gap: In AugustDOL adopted a final rule under which states could design and operate payroll deduction individual retirement account IRA savings programs, using automatic enrollment, for private sector employees without establishing a pension plan see more the Employee Retirement Income Security Act of ERISAthe federal law covering private pension programs.
Since when California became the first state to pass legislation, Illinois, Connecticut, Oregon, Stanford Business Plan Pdf, and Massachusetts have passed their own legislation authorizing the establishment of publicly-enabled retirement savings plans. In addition, Washington and New Jersey are facilitating better access to market or government offerings.
In total, more than 30 states have considered legislation or authorized studies, although even in states where legislation has passed, no plan is yet operational.
See Appendix for a summary of state actions. Although this plan is crafted with New York City workers in mind, it could also serve as a blueprint for a statewide effort should that be preferred or legally-required. The following sections include a detailed description of the NYC Nest Egg plan, followed by a discussion of significant features common to the Marketplace and NYC Roth IRA plans, a guide to how the plan components would interact, and a concluding section covering governance.
A number of key terms used throughout Stanford Business Plan Pdf report are defined in the Glossary. The proposal for a NYC Nest Egg plan reflects the best understanding of what is legally permissible at the time of writing Stanford Business Plan Pdfbased on current federal law.
As noted in the companion report, An Analysis of Options to Increase Retirement Security for New York City Private Sector Workersfederal regulations at the time precluded consideration of certain design elements that might otherwise have been included to strengthen the program.
The proposal takes note of these limits where appropriate, should alterations to the policy landscape permit a Stanford Business Plan Pdf of plan features in the future. The Marketplace would combine employer-arranged private sector-offered plans and a publicly-sponsored plans using private sector providers to improve quality and make savings more affordable through competition.
As discussed in the companion report, An Analysis of Options to Increase Retirement Security for New York City Private Sector Workersmany small business owners feel burdened by the demands of selecting and managing retirement plans.
Among other reasons, employers have indicated that they lack the time or knowledge to choose among the large number of k providers and plans available through the private market. The potentially more complicated plan design features, such as hardship withdrawals and loans, could also add to the costs of a k plan.
As a result of please click for source challenges, most k participants and dollars are in large plans where employers have the wherewithal to handle the requirements. The vast majority of U. Fully 76 percent of the plans tracked by the Employee Benefit Research Institute have or fewer see more, while only two percent of the plans have more than 2, participants.
Nevertheless, these large plans account for approximately 70 percent of participants and plan assets. By establishing minimum eligibility criteria, offering more than one k plan, and employing the power of competition, the Marketplace could help provide quality products at a lower price.
Providing access to a k plan would help workers, particularly those with higher savings needs, put aside enough for retirement. A k plan has an employee elective annual savings limit that is more than three times the individual IRA cap, and employers have the option to contribute.
To help employees better identify their savings needs, workers could take advantage of online calculators and other tools offered on the site to help them customize their default contribution and Stanford Business Plan Pdf provide financial education. In addition, Stanford Business Plan Pdf statements would translate savings into an estimated income stream, and employees would be able to purchase annuities from a screened insurance provider to deliver lifetime income.
Participation would be completely voluntary and open to all New York City employers. Under ERISA, the decision to sponsor or discontinue an employee benefit plan is solely at the discretion of the employer.
To keep New York employers competitive with one another in hiring and retaining employees, all businesses would be able to get the best, most cost-effective plan available, whether through the Marketplace or elsewhere.
The Marketplace would reduce the burden on employers in plan selection and management. Employers would shop through a Marketplace website that provides curated selections and then work directly with the plan provider to implement and administer the plan, including generating compliance documents.
The Marketplace should allow employers to take advantage of better quality, lower cost products Stanford Business Plan Pdf the Board would vet providers and negotiate terms. The process would be carried out in accordance with all relevant procurement procedures. Making a select number of additional providers, perhaps four to eight, available would ensure robust competition without the risk of overwhelming and discouraging busy employers from selecting a k plan.
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The Empire City k MEP, which would be one of the plans offered through the Marketplace, is discussed separately below. To provide both independence and expertise, the independent Board, which is discussed in greater detail in the Governance just click for source, would administer the Marketplace.
The Board would provide ongoing oversight of the Marketplace, although it could elect to operate or contract out some or all functions. Table 1 provides an overview of the NYC k Marketplace. Open to all employers.
Enrollment Employer selects plan. Employees auto-enrolled, and may opt out at any time. Contribution Rate Earnings and age default, with access to calculator for customization. Leakage Allow limited loans and hardship withdrawals. All k providers that offer plans in the Marketplace would meet Board-established criteria.
These criteria are discussed in detail in part two of this section, Significant Common Features. Automatic Enrollment for Employees. When an employer selects a Marketplace plan, all eligible employees would be automatically enrolled to boost participation and savings rates.
Employees could individually opt-out at any time. The default contribution rate for Marketplace k plans would be based on age and earnings to allow Stanford Business Plan Pdf to better match their contributions to their needs than the current k system. Participants would have access to a calculator and related educational tools for further customization.
The plans would allow both employer and employee contributions. Moreover, by allowing for an employer match, employees have an incentive to participate and to accumulate increased savings. Escalation would be dynamic and driven by market factors and specified participant financial data. Administrative and investment fees would be modest and within Board-established parameters to help ensure that the plans are affordable. Because the fee structure for k plans is evolving, and other changes are possible, specific proposed fee cut-offs are Stanford Business Plan Pdf advisable at this time.
Guaranteed Income at Retirement. The Marketplace plans would not offer guarantees, but would provide access to a lifetime stream of income payments through annuities. To provide access to a predictable lifetime income stream, the Board should strongly consider adopting a policy that would default a portion of savings into a single premium immediate annuity at retirement with the ability to opt out.
Marketplace k plans would allow limited loans and hardship withdrawals to promote the goal of increasing retirement savings. Responsibilities under ERISA include disclosure regarding plan features and funding, fiduciary responsibilities for those who manage and control plan assets, and implementation of benefit claims and appeals processes.
Individual employers may then adopt the prototype and sponsor a plan Stanford Business Plan Pdf their employees. The recordkeeper would test each employer plan for compliance issues, such as tax code coverage and non-discrimination rules and proper administration.
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Table 2 provides a summary of the major features here traditional and Roth k plans. Because the tax treatment differs, offering both options would allow savers to select the plan type that best matches their needs.
To provide access to the screened Marketplace plans, rollovers from other qualified plans into the Marketplace plans would Stanford Business Plan Pdf made available to the full extent permitted Stanford Business Plan Pdf law. Participants in Marketplace plans would have more info ability to roll over funds to another qualified plan. To give opportunities to employers concerned about fiduciary responsibilities and paperwork to participate in a low-cost multiple-employer plan, the Board would sponsor a new, voluntary Empire City k MEP.
Automatic enrollment, the default contribution rate, the default investment option, annuitization, and leakage issues would be handled identically to all other marketplace options, as described above.
Although the Marketplace prototype k plans would relieve much of the administrative burden faced by employers, the requirement to file an individual Form Annual Report, the costs, and the residual liability for oversight and fiduciary responsibility may still be a barrier for small businesses.
The Empire City k MEP would allow private sector employers to adopt a k retirement plan with minimal liability and low costs.