Retirement State Mandate Resource Center
Be prepared for state requirements and explore your options
Many states have already enacted state-facilitated retirement savings programs for private sector workers. The majority of these programs are mandatory, but employers in all program states retain the option of offering their own retirement plan.
Offering an employer-sponsored retirement plan has helpful benefits for both employers and employees. When deployed effectively, it can help your employees with their retirement readiness – and be a powerful recruiting and retention tool. Small businesses with under 100 employees starting a 401(k) now also have access to a significant tax credit through the SECURE Act.
Whether your business is starting its first retirement plan or looking to upgrade an existing retirement plan, HUB can help you take that big step forward. Contact us to review your options today.
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HUB Retirement Select is a fully bundled retirement plan that takes the guesswork out of plan administration and investment selection. Our service options accommodate for-profit and nonprofit companies of all sizes—from owner-only businesses to those with hundreds of employees.
ERISA 3(38) Investment ManagementWhen you choose HUB Retirement Select, you’ll have an ERISA 3(38) Investment Manager who provides the investment menu for your retirement plan - saving you time and informing you on the funds in your plan. | Intentional Plan DesignWe incorporate design features that recognize human behavioral weaknesses and work to counteract their impact. HUB Retirement Select’s default investment offering takes your employees’ evolving needs into consideration. |
Fiduciary Risk SupportPlan administration can be challenging to navigate without the appropriate resources. HUB Retirement Select offers access to the guidance you need at a price point appropriately scaled for your business. | Quarterly ResourcesYou’ll receive a quarterly monitoring report that includes tools and analytics that make it easy to monitor and optimize your plan, and an economic update to help you understand the bigger picture. |
Retirement Programs by State
Many states looking to address the U.S. retirement savings gap have passed legislation mandating retirement benefits for private sector employees.
Click on the name of your state below to see how state mandates can affect you and your business.
CalSavers requires that employers with five or more employees offer a retirement plan or enroll their employees in the state-run Roth IRA program.
Dates to know: California launched the program in July 2019. California is currently in its final wave enrolling employers with 1-4 employees by December 31, 2025. In January 2022, California also announced it would begin imposing penalties on non-compliant employers with more than 100 employees. These penalties start at $250 per employee and increase to $750 per employee for noncompliance.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
The Colorado Secure Savings Program requires that employers with five or more employees offer a retirement program or enroll their employees in the state-run Roth IRA program.
Dates to know: Full enrollment began on January 18, 2023.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
The Connecticut Retirement Security Authority (CRSA) requires that employers with five or more employees offer a retirement plan or enroll their employees in the state-run Roth IRA program, MyCTSavings.
Dates to know: In October 2021, Connecticut launched its pilot program for MyCTSavings. The first wave of the program (for employers with 100 or more employees) was completed in June 2022; the second wave (26-99 employees) was completed in October 2022; and the third and final wave (5-25 employees) has a March 2023 deadline.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
Illinois Secure Choice requires that employers with five or more employees offer a retirement plan or enroll their employees in the state-run Roth IRA program
Dates to know: Illinois launched the program in November 2018. All employers with over 25 employees were required to register by November 2019. The eligibility threshold was lowered to five
employees in 2021.
Employers with 16–24 employees will be required to register by November 1, 2022, and employers with 5–15 employees will be required to register by November 1, 2023.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
The Maine Retirement Savings Program requires that employers with five or more employees offer a retirement plan or enroll their employees in the state-run Roth IRA program.
Dates to know: The program will be implemented in phases. Employers with 25 or more employers must comply by April 1, 2023. Employers with 15 to 24 employees must comply by October 1, 2023. Employers with five to 14 employees must offer the program by April 1, 2024.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
MarylandSaves (also known as Maryland$aves) requires that employers with five or more employees offer a retirement plan or enroll their employees in the state-run retirement and emergency savings program.
Dates to know: MarylandSaves launched their full program in Summer 2022.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
The Massachusetts Defined Contribution CORE Plan, launched in 2017, is a statewide 401(k) Multiple Employer Plan (MEP) for nonprofit organizations.
This program is not mandatory. Nonprofit organizations with 20 or fewer employees can opt their employees into the program.
Click here to learn more about HUB Retirement Select, our small business retirement plan. Whether your organization is for-profit or nonprofit, we can work with you to determine if HUB Retirement Select meets your organizations’ needs.
The New Jersey Secure Choice Savings Program requires that for-profit and nonprofit employers with 25 or more employees offer a retirement plan or enroll their employees in the state-run Roth IRA program.
Dates to know: The program is expected to launch in March 2022. Once the program launches, businesses will have nine months to comply.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
The New Mexico Work and Save Program includes a voluntary state-run Roth IRA program and a retirement plan marketplace.
Dates to know: The marketplace and the state-run Roth IRA plan will open July 1, 2024.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
The New York Secure Choice Savings Program now requires that employers with ten or more employees offer a retirement plan or enroll their employees in the state-run Roth IRA program.
Dates to know: Legislation that converted New York State’s state-run IRA program from a voluntary program to mandatory on October 22, 2021. Once the program opens, employers will have nine months to comply.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
OregonSaves requires that all employers offer a retirement plan or enroll their employees in the state-run Roth IRA program.
Dates to know: OregonSaves launched in late 2017 and is now open to all eligible employers and individuals in the state. All employers with 5 or more employees were required to comply by November 15, 2019. While the exact date has not yet been announced, employers with 4 or fewer employees are expected to comply by mid-2023.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
The Green Mountain Secure Retirement Plan is a statewide 401(k) Multiple Employer Plan (MEP) that will be open to employers with 50 or fewer employees that do not currently offer a retirement plan. This program is not mandatory.
Dates to know: The legislation that authorized the Green Mountain Secure Retirement Plan was signed in 2017. Vermont put its implementation schedule on hold in 2018 pending Department of
Labor clarification of state-sponsored MEPs, and was able to continue implementation in 2019. After resuming implementation, the program was anticipated to launch in 2021, but there have been no further updates since early last year.
Alternative options include a qualified retirement plan. Given that over two-thirds of employees consider retirement plan benefits to be a ‘must have’ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organization’s needs. Click here to learn more about HUB Retirement Select, our small business retirement plan.
VirginiaSaves requires that employers with 25 or more employees offer a retirement plan or enroll their employees in the state-run Roth IRA program.
Dates to know: The law went into effect July 1, 2021, and employer enrollment is expected to begin on or shortly after July 1, 2023.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
Washington’s Small Business Retirement Marketplace, launched in March 2018, is an online marketplace for employees who lack access to a retirement plan through their employer. This program is not mandatory for employers or employees.
Given that over two-thirds of employees consider retirement plan benefits to be a ‘must have’ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organization’s needs.
Click here to learn more about HUB Retirement Select, our small business retirement plan.
The following states have not implemented a state-run retirement savings program, but there are still many advantages to offering an employer-sponsored retirement plan.
Given that over two-thirds of employees consider retirement plan benefits to be a ‘must have’ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organization’s needs.
Click here to learn more about HUB Retirement Select, our small business retirement plan.
- Alabama
- Alaska
- Arizona
- Arkansas
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- West Virginia
- Wisconsin
- Wyoming