Optimize State-Mandated Retirement Plans with a Ubiquity Small Business 401(k)

  • Flat-fee structure with no hidden fees
  • Fully bundled plan administration including recordkeeping, custodial services, and compliance servicing
  • Turnkey or customizable 401(k) plans and fund lineups
  • Payroll integration solutions
  • Top-rated customer service1
24 years of expertise pioneering 401(k)s.

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State Mandated Retirement Plans Map

Over 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.

In Place
Coming Soon
No Mandate
Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
Alaska

No mandate planned for Alaska. Be competitive and offer one anyway.

Find Your Plan
Alabama

No mandate planned for Alabama. Be competitive and offer one anyway.

Find Your Plan
Arkansas

No mandate planned for Arkansas. Be competitive and offer one anyway.

Find Your Plan
Arizona

No mandate planned for Arizona. Be competitive and offer one anyway.

Find Your Plan
California

State-Run Option:

CalSavers

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
Colorado

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
Connecticut

State-Run Option:

MyCTSavings

State Plan Type:

IRA

Status:

Already live

Find Your Plan
Washington, D.C.

No mandate planned for Washington, D.C.. Be competitive and offer one anyway.

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Delaware

No mandate planned for Delaware. Be competitive and offer one anyway.

Find Your Plan
Florida

No mandate planned for Florida. Be competitive and offer one anyway.

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Georgia

No mandate planned for Georgia. Be competitive and offer one anyway.

Find Your Plan
Hawaii

No mandate planned for Hawaii. Be competitive and offer one anyway.

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Iowa

No mandate planned for Iowa. Be competitive and offer one anyway.

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Idaho

No mandate planned for Idaho. Be competitive and offer one anyway.

Find Your Plan
Illinois

State-Run Option:

Illinois Secure Choice Retirement Program

State Plan Type:

Roth IRA

Status:

Upcoming enrollment deadlines include:

  • November 1, 2022: Employers with 16-24 employees must start offering a retirement plan
  • November 1, 2023: Employers with 5-15 employees must start offering a retirement plan
Get Started
Indiana

No mandate planned for Indiana. Be competitive and offer one anyway.

Find Your Plan
Kansas

No mandate planned for Kansas. Be competitive and offer one anyway.

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Kentucky

No mandate planned for Kentucky. Be competitive and offer one anyway.

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Louisiana

No mandate planned for Louisiana. Be competitive and offer one anyway.

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Massachusetts

State-Run Option:

CORE Plan

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
Maryland

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
Maine

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:

  • April 1, 2023: Employers with 25 or more employees in Maine
  • October 1, 2023: Employers with 15 to 24 employees
  • April 1, 2024: Employers with 5 to 14 employees in Maine

Eligible employers of all sizes can voluntarily start offering the program to their employees before these deadlines.

Find Your Plan
Michigan

No mandate planned for Michigan. Be competitive and offer one anyway.

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Minnesota

No mandate planned for Minnesota. Be competitive and offer one anyway.

Find Your Plan
Missouri

No mandate planned for Missouri. Be competitive and offer one anyway.

Find Your Plan
Mississippi

No mandate planned for Mississippi. Be competitive and offer one anyway.

Find Your Plan
Montana

No mandate planned for Montana. Be competitive and offer one anyway.

Find Your Plan
North Carolina

No mandate planned for North Carolina. Be competitive and offer one anyway.

Find Your Plan
North Dakota

No mandate planned for North Dakota. Be competitive and offer one anyway.

Find Your Plan
Nebraska

No mandate planned for Nebraska. Be competitive and offer one anyway.

Find Your Plan
New Hampshire

No mandate planned for New Hampshire. Be competitive and offer one anyway.

Find Your Plan
New Jersey

State-Run Option:

New Jersey Secure Choice Savings Program Fund

State Plan Type:

IRA

Status:

Already live

Find Your Plan
New Mexico

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
Nevada

No mandate planned for Nevada. Be competitive and offer one anyway.

Find Your Plan
New York

State-Run Option:

New York State Secure Choice Savings Program

State Plan Type:

IRA

Status:

Launch was postponed indefinitely.

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Ohio

No mandate planned for Ohio. Be competitive and offer one anyway.

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Oklahoma

No mandate planned for Oklahoma. Be competitive and offer one anyway.

Find Your Plan
Oregon

State-Run Option:

OregonSaves

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
Pennsylvania

No mandate planned for Pennsylvania. Be competitive and offer one anyway.

Find Your Plan
Rhode Island

No mandate planned for Rhode Island. Be competitive and offer one anyway.

Find Your Plan
South Carolina

No mandate planned for South Carolina. Be competitive and offer one anyway.

Find Your Plan
South Dakota

No mandate planned for South Dakota. Be competitive and offer one anyway.

Find Your Plan
Tennessee

No mandate planned for Tennessee. Be competitive and offer one anyway.

Find Your Plan
Texas

No mandate planned for Texas. Be competitive and offer one anyway.

Find Your Plan
Utah

No mandate planned for Utah. Be competitive and offer one anyway.

Find Your Plan
Virginia

State-Run Option:

VirginiaSaves Program

State Plan Type:

IRA

Status:

Staggered deadlines starting on or before July 1, 2023.

Find Your Plan
Vermont

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
Washington

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
Wisconsin

No mandate planned for Wisconsin. Be competitive and offer one anyway.

Find Your Plan
West Virginia

No mandate planned for West Virginia. Be competitive and offer one anyway.

Find Your Plan
Wyoming

No mandate planned for Wyoming. Be competitive and offer one anyway.

Find Your Plan

Top Reasons to Offer a Ubiquity 401(k) Instead of a State-IRA Plan

  • Ubiquity 401(k) 100% complies with every state’s mandate requirements while offering increased contribution amounts than IRAs
  • Saves more in personal and business taxes than any state plan while lowering taxable income. Additional tax credits are available with us
  • Take advantage of payroll integration to save time and prevent stress by integrating payroll and automating plan administration
  • Offer flat fees, not an assets under management (AUM) fee that increases the amount as your retirement balance grows
  • Ubiquity 401(k) plans are not tied to any state government. Protect your retirement money by choosing a private provider

Call 866.634.6116 to enroll today.

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Why have retirement benefits been such an obstacle for small businesses?

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.

Most Common State Provided IRA plan

Ubiquity Small Business 401(k) plan

Maximum employee annual contribution amount

$7,000
($8,000 if age 50 or over)

$23,000
($30,500 if age 50 or over)

Additional annual employer contribution

Not offered

Yes, up to $69,000 in combined employee and employer contributions

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 schedule

No

Yes

Investment guidance based on individual risk tolerance

No

Yes

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What states have passed retirement legislation?

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.

Mandatory Individual Retirement Accounts

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.

How does a state-mandated IRA compare with a small business 401(k) plan?

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.

Voluntary Payroll Deduct IRAs

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.

Open Multiple Employer Plans

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 Retirement Marketplace Approach

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.

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Choose a better path to savings

maximum savings contribution UbiquityAct before your state’s compliance deadline. 

Call 866.634.6116 to get started.

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© 2024 Ubiquity Retirement + Savings
44 Montgomery Street, Suite 300
San Francisco, CA 94104

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Talk to Sales
Schedule a Free Consultation

Contact Support
Visit our Help Center
support@myubiquity.com
Monday–Friday
6am–5pm PT / 9am–8pm ET

© 2024 Ubiquity Retirement + Savings
44 Montgomery Street, Suite 300
San Francisco, CA 94104