By Nick Thornton
The National Black Chamber of Commerce has endorsed MassMutual Retirement
as its preferred provider of 401(k) plans.
Data from the Small Business Administration shows that the share of minority-owned businesses grew to 14.6 percent in 2012, up from 11.5 percent in 2007. Black-ownership accounts for almost half of all minority-owned businesses. Currently, 2.1 million black-owned businesses generate $138 billion in revenue annually, according to the Census Bureau.
MassMutual’s research shows that 60 percent of black-owned businesses offer a retirement plan, suggesting a considerable opportunity for developing business in the demographic.
As part of the agreement, MassMutual will give NBCC members access to RetireSmart.com, where individuals can create an account and utilize retirement income calculators, educational content, track performance of investments, and avail themselves of consumer and business reports relevant to retirement issues.
The NBCC was incorporated in 1993 as a nonprofit, nonpartisan organization. It has 140 affiliated chapters.
Originally published on BenefitsPro.com