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, TCG can help you take that big step forward. Contact us to review your options today.
Differences Between 401(k) Plans and State-run Roth IRAs
Availability
401(k)
- Most employers can contribute
- Employees can contribute
Roth IRA
- Only employees can contribute
Employer Advantages
401(k)
- Flexible plan design and vesting schedule
- Tax deductible contributions
- Possible tax credit for start-up costs
- Enhanced contribution options for owners and highly compensated employees
- Payroll integration
- Attract and retain top talent
Roth IRA
- No year-end process
- No cost to employer
- No fiduciary liability
Employee Advantages
401(k)
- Higher contribution limits
- Tax savings with pretax deductions from paycheck
- Employer contributions
- Easy, online setup
- Distribution options such as loans and hardship
- ERISA protection from creditors
Roth IRA
- No vesting schedule
- Easy, online setup
Disadvantages
401(k)
- Annual notices, plan testing, and maintenance may be required
- Cost to employer
Roth IRA
- No employer start-up cost tax credit
- Lower contribution limits
- Owners and highly compensated employees may not be able to contribute
- Cost to employee
- No ERISA protection from creditors
TCG Retirement Select
TCG 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 TCG 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 Design
We incorporate design features that recognize human behavioral weaknesses and work to counteract their impact. TCG Retirement Select’s default investment offering takes your employees’ evolving needs into consideration.
Fiduciary Risk Support
Plan administration can be challenging to navigate without the appropriate resources. TCG Retirement Select offers access to the guidance you need at a price point appropriately scaled for your business.
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.
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.
Alabama
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.
Alaska
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.
Arizona
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.
Arkansas
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.
California
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.
Colorado
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.
Connecticut
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.
Delaware
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.
Florida
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.
Georgia
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.
Hawaii
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.
Idaho
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.
Illinois
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.
Indiana
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.
Iowa
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.
Kansas
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.
Kentucky
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.
Louisiana
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.
Maine
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.
Maryland
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.
Massachusetts
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.
Michigan
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.
Minnesota
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.
Mississippi
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.
Missouri
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.
Montana
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.
Nebraska
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.
Nevada
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.
New Hampshire
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.
New Jersey
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.
New Mexico
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.
New York
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.
North Carolina
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.
North Dakota
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.
Ohio
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.
Oklahoma
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.
Oregon
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.
Pennsylvania
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.
Rhode Island
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.
South Carolina
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.
South Dakota
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.
Tennessee
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.
Texas
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.
Utah
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.
Vermont
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.
Virginia
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.
Washington
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.
West Virginia
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.
Wisconsin
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.
Wyoming
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.