Updates and Deadlines for State-Mandated Employer Sponsored Retirement Plans

Many States across the United States have either passed or are enacting legislation to mandate all small businesses to offer retirement plans to their employees. Businesses can satisfy this mandate by either offering private qualified retirement plans or joining the governmental programs designed by each State. If companies fail to meet the State guidelines, they will be subject to penalties for non-compliance.

To check your state's status regarding mandatory employer-sponsored retirement plans and their deadlines, please take a look at the list below (updated as of October 2023).

• California: CalSavers
  • 5+ Employees: In effect
  • 1+ Employees: December 31, 2025
• Colorado: Secure Savings
  • 5+ Employees: In effect
• Connecticut: MyCTSavings
  •  5+ Employees: In effect
• Delaware: EARNS
  • 5+ Employees: Scheduled for January 1, 2025
• Hawaii: Hawaii Saves
  • Legislation Passed, implementation details pending
• Illinois: Secure Choice
  • 16+ Employees: In effect
  • 5+ Employees: November 1, 2023
• Maine: Maine Retirement Savings Program
  • 15+ Employees: In effect
  • 5+ Employees: April 1, 2024
• Maryland: MarylandSaves
  • 1+ Employee: In effect
• Minnesota: Secure Choice Retirement Program
  • 5+ Employees: Scheduled for January 1, 2025
• Nevada
  • Legislation Passed; implementation details pending
• New Jersey: Secure Choice
  • 25+ Employees: Legislation passed, implementation details pending
• New York: State Secure Choice Savings Program
  • 10+ Employees: Legislations passed, implementation date pending
• Oregon: OregonSaves
  • 1+ Employees: In effect
• Vermont: VT Saves
  • 25+ Employees: July 1, 2025
  • 15+ Employees: January 1, 2026
  • 5+ Employees; July 1, 2026
• Virginia: RetirePath
  • 25+ Employees: February 15, 2024

Sources:

• California: CalSavers
• Colorado: Colorado SecureSavings
• Connecticut: MyCTSavings
• Delaware: Delaware EARNS Program
• Hawaii: Hawaii Retirement Savings Program (HRSP).
• Illinois: Illinois Secure Choice
• Maine: MaineSaves
• Maryland: MarylandSaves
• Minnesota: Minnesota Secure Choice Retirement Program
• Nevada: Nevada Employee Savings Trust Program
• New Jersey: Retire Ready NJ: Secure Choice Program
• New York: New York Secure Choice Savings Program
• Oregon: OregonSaves
• Vermont: VTSaves
• Virginia: RetirePath Virginia

About Gerber Kawasaki Wealth & Investment Management:

Gerber Kawasaki Wealth & Investment Management is an investment advisor located in California. Gerber Kawasaki Wealth & Investment Management is registered with the Securities and Exchange Commission (SEC). Registration of an investment advisor does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Gerber Kawasaki only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Gerber Kawasaki Wealth & Investment Management 's current written disclosure brochure filed with the SEC which discusses, among other things, Gerber Kawasaki Wealth & Investment Management's business practices, services and fees, is available through the SEC's website at: http://www.adviserinfo.sec.gov .

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