RetirePath Virginia Program

Starting in July 2026, RetirePath Virginia will expand to serve more private-sector workers and small businesses across the Commonwealth. The expansion is expected to increase access to a workplace retirement savings option for an estimated 350,000 additional Virginians. 

Here’s everything you need to know about the program, how it will impact your business and employees. 

What is the RetirePath Virginia Program?

• Opened in June 2023, the RetirePath Virginia Program is the Commonwealth’s automatic-enrollment, state-facilitated individual retirement account savings program. 
• Designed to give more Virginians the option to save for retirement at work, the program was created to help close the retirement savings gap and improve financial security.

How does RetirePath impact small business owners?

• RetirePath offers a simple retirement savings option to employers seeking to support their employees.
• State law requires eligible employers to participate in RetirePath Virginia if they do not offer a retirement savings plan for employees. 
• The program has no employer fees or fiduciary responsibilities.
• The program is not meant to replace or compete with employer-sponsored plans.
• Eligible employers are required to register and facilitate RetirePath by July, 1, 2026.

What businesses qualify for the program?

• Businesses that have 5 or more eligible employees.
  • Eligible employees are 18 or older, receiving Virginia income and employed at least 30 hours for any portion of a week in the preceding 12 months. 
  • Employers may exclude temporary or seasonal employees who work less than 90 days a year.
• Those who have been operating for two or more years at the time of enrollment.
• Businesses that do not offer a qualified, employer-sponsored retirement savings plan.
• Complete the employer eligibility quiz to understand further if your business is required to register and facilitate RetirePath.

What to know as an employee

• To enroll through an employer, you must be 18 years of age or older, have Virginia taxable income and be employed at least 30 hours for any portion of a week in the preceding 12 months.
• Individuals who are self-employed or don’t work for an employer registered with RetirePath Virginia can open an account today.
• Employee participation is voluntary.
• Contributions default to a Roth individual retirement account (IRA), which offers tax advantages.
  • You also have the option to recharacterize contributions to a traditional IRA using the Recharacterization Form.
• The total amount you can save must be within the federal government’s annual contribution limits for individual retirement accounts (IRAs).
• There is an account service fee of $6.75 a quarter. There’s also an asset-based fee between 0.22% and 0.32% of the account balance, depending on investment selections.

Learn more about getting started by visiting the RetirePath portal or attending one of its virtual information sessions to learn how the program’s recent expansion may impact your small business.