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Schedule a ConsultationOver 30 states have considered enacting state-mandated retirement plan legislation and 14 states have voted those programs into law. Find your state on the map below to find up-to-date information on how your small business can comply with the state law.
No mandate planned for Alaska. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Alabama. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Arkansas. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Arizona. Be competitive and offer one anyway.
Find Your Plan ]]>State-Run Option:
State Plan Type:
IRA
Status:
CalSavers has staggered deadlines based on number of employees. The final deadline — for companies with five or more employees — passed on June 30, 2022.
Get Started ]]>State-Run Option:
Colorado Secure Savings Programs
State Plan Type:
IRA
Status:
The pilot program begins in October 2022; enrollment begins in 2023.
Find Your Plan ]]>State-Run Option:
State Plan Type:
IRA
Status:
Already live
Find Your Plan ]]>No mandate planned for Washington, D.C.. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Delaware. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Florida. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Georgia. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Hawaii. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Iowa. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Idaho. Be competitive and offer one anyway.
Find Your Plan ]]>State-Run Option:
Illinois Secure Choice Retirement Program
State Plan Type:
Roth IRA
Status:
Upcoming enrollment deadlines include:
No mandate planned for Indiana. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Kansas. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Kentucky. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Louisiana. Be competitive and offer one anyway.
Find Your Plan ]]>State-Run Option:
State Plan Type:
Multiple Employer Plan (MEP), a tax deferred and post-tax 401(k) savings plan developed for employees of eligible small nonprofit organizations.
Status:
Already live
Find Your Plan ]]>State-Run Option:
Small Business Retirement Savings Program (Maryland $aves)
State Plan Type:
IRA
Status:
Comply by December 1, 2022 to avoid the State of Maryland’s $300 annual report filing fee for 2023.
Get Started ]]>State-Run Option:
Maine Retirement Savings Program
State Plan Type:
Roth IRA
Status:
Launching April 1, 2023, the program will be implemented in three phases, based on company size, with the following enrollment deadlines:
Eligible employers of all sizes can voluntarily start offering the program to their employees before these deadlines.
Find Your Plan ]]>No mandate planned for Michigan. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Minnesota. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Missouri. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Mississippi. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Montana. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for North Carolina. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for North Dakota. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Nebraska. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for New Hampshire. Be competitive and offer one anyway.
Find Your Plan ]]>State-Run Option:
New Jersey Secure Choice Savings Program Fund
State Plan Type:
IRA
Status:
Already live
Find Your Plan ]]>State-Run Option:
New Mexico Work and Save Program
State Plan Type:
Hybrid program consisting of a voluntary IRA and web marketplace. Marketplace options to be determined by the Board.
Status:
Launching July 1, 2024.
Find Your Plan ]]>No mandate planned for Nevada. Be competitive and offer one anyway.
Find Your Plan ]]>State-Run Option:
New York State Secure Choice Savings Program
State Plan Type:
IRA
Status:
Launch was postponed indefinitely.
Find Your Plan ]]>No mandate planned for Ohio. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Oklahoma. Be competitive and offer one anyway.
Find Your Plan ]]>State-Run Option:
State Plan Type:
IRA
Status:
Already live and mandatory for all companies with 5 or more employees; early 2023 for companies with fewer than 5 employees.
Find Your Plan ]]>No mandate planned for Pennsylvania. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Rhode Island. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for South Carolina. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for South Dakota. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Tennessee. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Texas. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Utah. Be competitive and offer one anyway.
Find Your Plan ]]>State-Run Option:
State Plan Type:
IRA
Status:
Staggered deadlines starting on or before July 1, 2023.
Find Your Plan ]]>State-Run Option:
Green Mountain Secure Retirement Plan
State Plan Type:
MEP designed for employers with 50 or fewer employees (including self-employed) and employers that currently do not offer a retirement plan.
Status:
Launch was expected in 2021 but no further updates are available.
Find Your Plan ]]>State-Run Option:
Retirement Small Business Marketplace (run by the Washington State Department of Commerce)
State Plan Type:
Participating financial service providers offer 9 types of low-cost IRAs and 401(k)s to companies with less than 100 employees including sole proprietors and self-employed.
Status:
Already live
Find Your Plan ]]>No mandate planned for Wisconsin. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for West Virginia. Be competitive and offer one anyway.
Find Your Plan ]]>No mandate planned for Wyoming. Be competitive and offer one anyway.
Find Your Plan ]]>You can either choose the government-controlled option with limited choice or you can choose the better option, the one thousands of your fellow small business owners have chosen: the Ubiquity 401(k) small business plan.
Call 866.634.6116 to enroll today.
Traditionally, 401(k) plans have been designed for the budgets and administrative load of large businesses. These complicated and expensive plans provided by the traditional retirement marketplace overlooked the small business plan market entirely.
In recent years, web-based 401(k) plans that are affordable to businesses of all shapes and sizes have begun to spring up. Some of these plans have low monthly fees and no asset fees, and employers have the option to split costs with their employees, much like group health insurance plans.
Still, these pervasive 401(k) myths exist. According to the 2018 Millennium Trust Small Business Retirement Survey, 45% of business owners not offering a retirement plan had not even researched looking into one. The assumption by these business owners was often that plans were too expensive or that their employees didn’t really care about having access to one.
Maximum employee annual contribution amount
$6,500
$22,500
Additional annual employer contribution limit
Not offered
Yes, up to an additional $43,500
Flat fees that don’t increase with your account balance
No, asset-based fees
Yes, flat fees
$500 credit to offset setup costs
No
Yes
Flexible vesting schedules
No
Yes
Investment guidance based on individual risk tolerance
No
Yes
In an attempt to help the workforce save for retirement, state governments have stepped up to the plate. Since 2012, 30 states have introduced some form of retirement legislation.
So far, 10 states have enacted a government-sponsored retirement savings program: California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York, Oregon, Vermont, and Washington. But not everyone is tackling the issue of the retirement crisis the same way. The intention of the state retirement mandates is to level the playing field so that everyone has a more equal footing.
While all the state legislation focuses on retirement readiness and financial security, how each state goes about it can vary.
In California, Oregon, Illinois, Maryland, Connecticut, New Jersey, and the city of Seattle, governments are attempting to close the savings gap by mandating a retirement savings vehicle for private-sector employees who do not have access to an employer-sponsored plan.
Businesses in these states have two options: offer an eligible retirement plan from a private provider or enroll in the state run retirement option. Once a business is enrolled, employees who do not opt-out of the program automatically will be enrolled in a payroll deduct Roth individual retirement account, aka Roth IRA.
In these state-run auto-IRAs, retirement contributions come directly out of worker’s paychecks. These employees are able to save up to the IRA maximum contribution limit of $6,500 per year (with an additional $1,000 in catch-up contributions if they are 50 or older). The default contribution rate varies from state to state but usually starts at a default rate of between 3-5% of the employee’s income withheld from each paycheck and deposited into the account. Employees have the right to adjust or cancel that contribution at any time.
While saving for retirement is always the end goal, not all savings vehicles are created equally. Across the board, 401(k) plans allow both business owners and their employees to contribute more each year towards their future, while gaining greater tax benefits than saving in an IRA.
If you’re a small business owner in Oregon, Illinois, or California, we’ve broken exactly how your state’s plan stacks up against a Ubiquity 401(k) plan.
New York’s program works similarly to the mandatory, state-sponsored IRA plans above. The New York Secure Choice Savings Program provides New York business owners who don’t currently offer a retirement plan the option to offer an auto-IRA, but does not set it as a requirement.
Vermont and Massachusetts have chosen a voluntary multiple employer plan system (also known as an MEP). MEPs allow businesses to band together and offer a 401(k) plan to their employees with less of the financial, administrative, and compliance burden of running their own plans.
The state of Washington chose a different route in helping their citizens save for the future. It has set up retirement marketplaces designed to bring together business owners and private retirement plan providers. The marketplace offers a variety of IRA, 401(k), and profit-sharing products for employers to choose from.
Act before your state’s compliance deadline.
Call 866.634.6116 to get started.
© 2023 Ubiquity Retirement + Savings
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Do not sell my info
44 Montgomery Street, Suite 300
San Francisco, CA 94104
Support: 855.401.4357
© 2023 Ubiquity Retirement + Savings
Privacy Policy
Do not sell my info
44 Montgomery Street, Suite 300
San Francisco, CA 94104
Support: 855.401.4357