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.
Colorado SecureSavings is a new state workplace retirement savings program created by the Colorado SecureSavings Board. The program is designed to help Colorado employers and employees set automatic payroll contributions to a Roth Individual Retirement Account (IRA) account and save for the future.
The Illinois Secure Choice Savings Program, signed into law January 2015, will help small businesses that struggle to offer retirement savings opportunities to their employees and provide retirement security to the 2.5 million Illinoisans who do not have access to an employment-based retirement plan. Below is an overview of what small businesses need to know about the program.
OregonSaves is a new, simple way for Oregonians to save for retirement at work. Employees contribute part of their paycheck into their own personal Roth IRAs that stay with them throughout their careers. The program also benefits employers who don't offer a qualified retirement plan by helping them compete with businesses that do.
The CalSavers Retirement Savings Program is 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.
The Washington Small Business Retirement Marketplace, helps bring retirement parity to small businesses that struggle to offer retirement benefits to their employees. In addition to helping small businesses better compete for and retain talented workers, this program also benefits the nearly 1.5 million Washington workers who do not have access to a retirement plan through their employer.
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. Below is an overview of what small businesses need to know about the program.
Dive into our guide for selecting a retirement plan that meets your business needs and employee preferences.
A payroll deduction IRA is a low-cost way for small employers to help their employees start saving for retirement. An employer can set up an IRA program through a bank, retirement provider or other financial institution with minimal costs to themselves or their business. Once the account is set up, employees can opt-out or authorize a payroll deduction.
One of the key attributes that distinguishes IRA-Based Plans from Qualified Plans is the fact that contributions for IRA-Based Plans such as SEP Plans are made to IRA accounts that are individually established and maintained by each participating employee.