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.
Review your retirement program by state
Differences Between 401(k) Plans and
State-run Roth IRAs
| 401(k) | Roth IRA | |
|---|---|---|
| Availability |
|
|
| Employer Advantages |
|
|
| Employee Advantages |
|
|
| Disadvantages |
|
|
HUB Retirement Select
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 Management
When 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.
Fiduciary Risk Support
Plan 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.
Intentional Plan Design
We 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.
Quarterly Resources
You’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.
Differences Between 401(k) Plans and
State-run Roth IRAs
| 401(k) | Roth IRA | |
|---|---|---|
| Availability |
|
|
| Employer Advantages |
|
|
| Employee Advantages |
|
|
| Disadvantages |
|
|
HUB Retirement Select
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 Management
When 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.
Fiduciary Risk Support
Plan 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.
Intentional Plan Design
We 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.
Quarterly Resources
You’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.
Alabama has 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.
Alaska has 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.
Arizona has 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.
Arkansas has 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.
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 in its third and final wave of implementation, with a June 30, 2022 deadline for employers with 5 to 50 employees. 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: The pilot program launches in October 2022. Full enrollment begins in 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 employers is expected to begin to register in early 2022.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
Delaware has 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.
Florida has 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.
Georgia has 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.
Hawaii has 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.
Idaho has 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.
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.
Indiana has 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.
Iowa has 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.
Kansas has 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.
Kentucky has 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.
Louisiana has 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.
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 has announced the program launch will take place 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.
Michigan has 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.
Minnesota has 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.
Mississippi has 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.
Missouri has 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.
Montana has 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.
Nebraska has 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.
Nevada has 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.
New Hampshire has 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.
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.
North Carolina has 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.
North Dakota has 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.
Ohio has 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.
Oklahoma has 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.
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 late 2022.
Alternative options include a qualified retirement plan. Click here to learn more about HUB Retirement Select, our small business retirement plan.
Pennsylvania has 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.
Rhode Island has 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.
South Carolina has 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.
South Dakota has 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.
Tennessee has 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.
Texas has 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.
Utah has 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.
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.
West Virginia has 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.
Wisconsin has 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.
Wyoming has 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.
Source: Georgetown University’s Center for Retirement Initiatives
updated as of 1/14/22