Wisconsin Saves is a new automatic saving initiative that launched in April 2021 for employers in Wisconsin. As part of a national pilot program, Wisconsin Saves is designed to encourage millions of Wisconsinites to establish emergency savings accounts through the automated saving strategy of split deposit.
State-Run Retirement Plans
Some states are setting up their own marketplaces or state-run retirement saving programs to help make it easier for small businesses and their employees to save for the future. Check out this list to see if your state is offering a program.
The Washington Small Business Retirement Marketplace is a virtual marketplace where qualified financial services firms offer low-cost retirement savings plans to businesses with less than 100 employees, including sole proprietors and self-employed individuals. Retirement plans listed on the Marketplace must meet certain minimum requirements.
OregonSaves is a state retirement program that provides Oregonians a unique opportunity to save for the future. Whether you are an employer who will facilitate the program or an individual planning for the future, OregonSaves is a simple way to get started.
In early 2018, Illinois launched a pilot for Illinois Secure Choice, a state-sponsored retirement program. This new, simple way to save for retirement provides a Roth Individual Retirement Arrangement (IRA) to those employees who do not have access to a retirement savings plan through work. Illinois Secure Choice is estimated to help 1.2 million workers in Illinois save for their future retirement.
The CalSavers Retirement Savings Program is a portable workplace retirement savings program for private sector workers whose employers are unable to offer their employees a way to save for retirement. CalSavers is run by the state and funded by modest employee contributions, so it involves minimal requirements for employers.