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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 ā€“ 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 sizesā€”from owner-only businesses to those with hundreds of employees.

Icon Check ERISA 3(38) Investment Management

When you choose TCG Retirement Select, youā€™ll have an ERISA 3(38) Investment Manager who provides the investment menu for your retirement plan ā€“ saving you time and informing you on the funds in your plan.

Icon CheckIntentional Plan Design

We incorporate design features that recognize human behavioral weaknesses and work to counteract their impact. TCG Retirement Selectā€™s default investment offering takes your employeesā€™ evolving needs into consideration.

Icon CheckFiduciary 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.

Icon CheckQuarterly Resources

Youā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 16ā€“24 employees will be required to register by November 1, 2022, and employers with 5ā€“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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 Stateā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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

Washingtonā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™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 ā€˜must haveā€™ benefit, now is a good time to evaluate your options and determine if a 401(k) aligns with your organizationā€™s needs.