Updates and Deadlines for State-Mandated Employer Sponsored Retirement Plans

Posted By: Jeff Kim Community, Dealer Education,

Many States across the United States have either passed or are enacting legislation to mandate all small businesses to offer retirement plans to their employees. Businesses can satisfy this mandate by either offering private qualified retirement plans or joining the governmental programs designed by each State. If companies fail to meet the State guidelines, they will be subject to penalties for non-compliance.

To check your state's status regarding mandatory employer-sponsored retirement plans and their deadlines, please take a look at the list below (updated as of October 2023).

  • California: CalSavers
    • 5+ Employees: In effect
    • 1+ Employees: December 31, 2025
  • Colorado: Secure Savings
    • 5+ Employees: In effect
  • Connecticut: MyCTSavings
    •  5+ Employees: In effect
  • Delaware: EARNS
    • 5+ Employees: Scheduled for January 1, 2025
  • Hawaii: Hawaii Saves
    • Legislation Passed, implementation details pending
  • Illinois: Secure Choice
    • 16+ Employees: In effect
    • 5+ Employees: November 1, 2023
  • Maine: Maine Retirement Savings Program
    • 15+ Employees: In effect
    • 5+ Employees: April 1, 2024
  • Maryland: MarylandSaves
    • 1+ Employee: In effect
  • Minnesota: Secure Choice Retirement Program
    • 5+ Employees: Scheduled for January 1, 2025
  • Nevada
    • Legislation Passed; implementation details pending
  • New Jersey: Secure Choice
    • 25+ Employees: Legislation passed, implementation details pending
  • New York: State Secure Choice Savings Program
    • 10+ Employees: Legislations passed, implementation date pending
  • Oregon: OregonSaves
    • 1+ Employees: In effect
  • Vermont: VT Saves
    • 25+ Employees: July 1, 2025
    • 15+ Employees: January 1, 2026
    • 5+ Employees; July 1, 2026
  • Virginia: RetirePath
    • 25+ Employees: February 15, 2024


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