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May is Small Business Month

Small businesses are the backbone of Mississippi’s economy. In fact, 99 percent of Mississippi businesses are small businesses, providing paychecks for nearly half of our workforce.

I know firsthand the impact of these businesses because our own family business started small – a single department store in Jackson. We invested in our communities. We treated our team like family. And as we expanded across the South, we kept that same small-business mindset, continuing to invest in our communities, our workforce, and the families who shopped in our stores.

May is Small Business Month across the country, a time to recognize the contributions these businesses make to our economy, our communities, and our families.

As part of Small Business Month, the State Treasury is highlighting the new Mississippi Work and Save program. Signed into law by Governor Tate Reeves earlier this year, the program makes it easier for small businesses to offer their employees a pathway to retirement savings.

I know how difficult it can be for small companies to compete for employees with large corporations that often provide more robust benefits packages. The Work and Save program helps level that playing field. It gives small and independent businesses the ability to offer a retirement option backed by the State of Mississippi. The same opportunity will be available to gig workers, who may not otherwise have easy access to retirement accounts.

Making retirement savings simple is critical. We want to make it easier for people to start early and stay consistent. The numbers tell the story. A single $1,000 investment can grow to $16,000 over 18 years, according to the U.S. Treasury. Contribute $5,000 per year, and you could have more than a quarter-million dollars in less than 20 years. Investing works, and it builds long-term financial security. Our goal at the Treasury is to make that path easier to follow.

Over the next year, the State Treasury will work to build and implement this public-private retirement program, modeled in part on the success we’ve seen with Mississippi College and Career Savings (in fact, Mississippi Affordable College Savings helped inspire the Work and Save program in the first place).

This will work hand-in-hand with the new Trump Retirement Accounts, which will also be available to those making less than $35,500 annually. As the White House reports, the average 401(k) balance increased by more than $24,000 during his first year back in office. Whether your family takes part in the Work and Save plan, President Trump’s plan, your employer-provided plan, or a combination, it’s important that every American benefits from a growing economy.

With Mississippi built on small businesses, I am excited to bring this program to life. Both employees and employers should have the tools to achieve financial security, and this program is a meaningful step in that direction.

We will have more information to share as implementation moves forward in the months ahead.

And to every small business owner, employee, and entrepreneur working to make Mississippi stronger – thank you, and happy Small Business Month.