Efforts by some local chambers of commerce and other groups to launch association retirement plans for small businesses have been paused as a result of the economic havoc caused by the COVID-19 pandemic, the news site Pensions & Investments reported Monday.

Last year, the U.S. Department of Labor finalized a rule allowing small businesses to band together to offer defined contribution plans to employees. The belief was that by pooling their resources together, businesses could lower the cost of providing such plans.

The U.S. Chamber of Commerce at one point created an online portal for state and local chambers interested in pursuing plans for business members. A few chambers had begun taking steps in that direction when the first shutdown orders came; suddenly many restaurants, retailers and other businesses were struggling for survival.

"There was a lot of interest there but the next week they're laying off employees and their dining rooms are shut down," said Brian Williams, president of investment advisory firm Northshire Consulting, which was helping one Connecticut-based chamber establish an association retirement plan.

Chantel Sheaks, executive director of retirement policy at the U.S. Chamber, told the news site that interest in the subject has dwindled in recent weeks, but the business group's webinars have still managed to draw a few dozen attendees.

"We still want to make sure this is on everyone's radar when they're ready to go forward," she said.

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