www.fueloilnews.com | FUEL OIL NEWS | JUNE 2014 25
(offered to employees) steadily increasing
for five consecutive years.
Among the other key findings of the
savings behaviors of small business ac-
counts from the beginning of 2008 to the
end of 2013:
• Contributions continue to grow: The
average contribution to these retirement
savings accounts has increased across the
board since 2008, with those using Self-
Employed 401(k)s experiencing the larg-
est increase of 21% to $21,661. Employer
contributions to SEP-IRAs increased
17% from 2008, reaching $13,814 at the
end of 2013. Average contributions to
SIMPLE-IRAs increased the least, rising
7% to $6,162.
• Average balances are on the rise: As a
result of the increased contributions and
market rebound, average balances have
enjoyed significant growth since 2008.
The average balance of Self-Employed
401(k) plans rose from $75,275 in 2008 to
$137,447 in 2013—increasing 83% over
five years—signaling a strong rebound
for small business owners who are using
retirement plans for savings purposes.
SEP IRA and SIMPLE IRA balances also
increased by 92% to $84,410 and 100.8%
to $36,235, respectively.
NEW PRODUCT
SaFETy FIRST, FOR
INDUSTRIaL COaTINgS
With the increasing awareness of the dan-
gers of traditional organic-based coatings
to coating contractors, many facility safety
managers are specifying safer, inorganic
options that now exist on the market. Now,
a new category of inorganic Chemically
Bonded Phosphate Ceramics called Eon-
Coat, has been formulated that emits no
VOCs or HAPs during or after application,
has no flashpoint, flame spread or hazard-
ous waste disposal requirements. The coat-
ing consists of two, non-hazardous com-
ponents that do not interact until applied
by a plural component spray gun. Since
the components are not mixed prior to ap-
plication, the need for VOC-generating in-
gredients in the formulation is eliminated.
Unlike polymer coatings that sit on top of
the substrate, EonCoat bonds through a
chemical reaction with the substrate. This
makes it virtually impossible for corrosion
promoters to get behind the coating.
EonCoat — www.eoncoat.com
