COUNTRY GUIDE
US State Mandated Retirement Plans
What should you offer your employees when it comes to retirement plans?
For most people planning for retirement is vital, and working for a company that has a retirement plan set up is something they look for. However, in a few states it’s not just a nice to have – it’s actually required.
Below are the states with plans, what the plan is and which employers are required to take part:
State
Plan
Requirement
California
CalSavers is the state-mandated retirement plan. Employees contribute to a Roth IRA.
Employers with 5 or more employees must participate offer a qualifying alternative.
Employers with under 5 employees have to offer this by 31st December 2025
Colorado
Colorado Secure Savings Program is the state mandated retirement plan. Employees contribute to a Roth IRA.
Employers with 5 or more employees and have been in business for 2 or more years must participate or offer a qualifying alternative.
Connecticut
MyCTSavings is the state-mandated retirement plan. Employees contribute to a Roth IRA.
Employers with 5 or more employees paid more than $5,000 per year must participate or offer a qualifying alternative.
Illinois
Illinois Secure Choice is the state-mandated retirement plan. Employees contribute to a Roth IRA.
Employers with 15 or more employees and have been in business for 2 or more years must participate or offer a qualifying alternative.
Employers with 5 – 15 employees have until 1st November 2023 to enroll.
Maine
Maine Retirement Savings Program is the state-mandated retirement plan. Employees contribute to a Roth IRA.
Employers with 15 or more employees and have been in business for 2 or more years must participate or offer a qualifying alternative.
Employers with 5 – 14 employees have until 1st April 2024
Maryland
MarylandSaves is the state-mandated retirement plan. Employees contribute to a Roth IRA.
All employers that have at least one W-2 employee and use an automated payroll system must participate or offer an alternative plan.
Connecticut
MyCTSavings is the state-mandated retirement plan. Employees contribute to a Roth IRA.
Employers with 5 or more employees paid more than $5,000 per year must participate or offer a qualifying alternative.
Massachusetts
Massachusetts has a statewide retirement program called Connecting Organisations to Retirement (CORE), however it is voluntary. It is a 401(k) savings plan.
CORE is offers an opt out option.
CORE is available for small nonprofit organizations with 20 employees or fewer.
Oregon
OregonSaves is the state-mandated retirement plan. Employees contribute to a Roth IRA.
All employers in the state should be enrolled.
Virginia
RetirePath VA is the state-mandated retirement plan. Employees contribute to a Roth IRA.
Employers with 25 or more employees must participate or offer a qualifying alternative.
Washington
Washington Small Business Retirement Marketplace is the state-mandated retirement plan.
Employers with 1 – 100 employees must participate or offer a qualifying alternative.
Some states have planned retirement plans coming into effect soon. We will provide more updates on these plans as they launch.
State
Plan
Dates
Delaware
Delaware EARNS Program
TBD
Hawaii
Hawaii Saves Retirement Savings Program
TBD
Minnesota
Minnesota Secure Choice Retirement Program
TBD
New Jersey
New Jersey Secure Choice Savings Plan
1st July 2024
New Mexico
New Mexico Work and Save Act
TBD
New York
New York Secure Choice Savings Plan
TBD
New York City
Retirement Security for All Act
TBD
Vermont
Green Mountain Secure Retirement Plan / VT Saves
TBD
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