The retirement landscape is changing

Legislation Status Active
PlanMyCTSavings
Program type Mandatory

Description Mandatory for companies with 5+ employees who are paid more than $5,000 each in the calendar year

Penalties Non-compliance may result in an investigation and penalties.

Timeline Deadline was March 30, 2023.

Legislation Status Active

Plan Delaware Earns

Program type Mandatory

Description Employers with 5+ employees 

Penalties Non-compliance may result in penalties

Timeline Registration deadline is October 15, 2024

Legislation Status Active, program launched April 1, 2023
PlanMaine Retirement Savings Program
Program type Mandatory

Description Mandatory for companies with 5+ employees that have been in operation for 2+ years

Penalties Penalties are enforced annually as follows:
Prior to April 1, 2024: Maximum penalty per employee is $10
April 1, 2024 - March 31, 2025: Maximum penalty per employee is $20
April 1, 2025 - to September 30, 2026: Maximum penalty per employee is $50
On or after October 1, 2026: Maximum penalty per employee is $100

Timeline Enrollment is in three phases beginning in 2023 with the following dates:
25 or more employees: April 1, 2023
15–24 employees: October 1, 2023
5–14 employees: April 1, 2024
However, eligible employers of all sizes can voluntarily start offering the program to their employees as of April 1, 2023.

Legislation Status Active
PlanMarylandSaves
Program type Mandatory

Description Mandatory for all companies with 1+ employees that have been in business for 2+ years

Penalties Information not available

Timeline Launched September 15, 2022

Legislation Status Active
PlanCORE plan
Program type Voluntary

Description The Massachusetts Defined Contribution CORE Plan (“CORE Plan”) is a tax-deferred and post-tax 401(k) savings plan designed especially for the state’s nonprofit sector

Penalties N/A, voluntary program

Timeline N/A

Legislation Status Details not available

Legislation Status Active
PlanNew Jersey Secure Choice Savings Program Fund
Program type Mandatory

Description Mandatory for companies with 25+ employees (including leased employees) that have been in business 2+ years. Employers with fewer than 25 employees and less than 2 years in business can join voluntarily.

Penalties NJ businesses that don’t adhere to state-mandated retirement legislation within one year will receive a written warning from the government. Each subsequent year of non-compliance will result in these penalties:
2nd year: $100 per employee
3rd and 4th years: $250 per employee
5th year and beyond: $500 per employee

Timeline Went live June 30, 2024.
For employers with 40+ employees, implementation deadline is September 15, 2024.
For employers with 25-39 employees, implementation deadline is November 15, 2024
Penalties for non-compliance.

Legislation Status Legislation passed, launch TBD
Plan Retirement Security for All Act
Program type Mandatory

Description Mandatory auto-enrollment payroll deduction IRA program for employees of private sector employers which do not offer a retirement plan and employ five or more employees. The default employee contribution rate is 5%, which employees can adjust up or down, or opt-out of at any time. Employers would not contribute on behalf of employees.

Penalties First violation: $250 per employee.
Second violation within two years of the prior violation: $500 per employee.
Third and subsequent violations within two years of the prior violation: $1,000 per employee.

Timeline Became law on August 9, 2021.
Effective date: no details available.

Legislation Status Legislation passed, launch TBD
Plan Retirement Security for All Act
Program type Mandatory

Description Mandatory for all employers with 5+ employees in New York City that have been in continuous operation for at least two years, and do not offer an employee retirement plan to their employees. Became law on August 9, 2021.

Penalties First violation: $250 per employee.
Second violation within two years of the prior violation: $500 per employee.
Third and subsequent violations within two years of the prior violation: $1,000 per employee.

Timeline TBD

Legislation Status Details not available

Legislation Status Legislation passed, launch TBD
Plan Rhode Island Secure Choice Retirement Savings Program
Program type Mandatory

Description For employers with 5+ employees 

Penalties Non-compliance may result in penalties

Timeline The act will become effective for eligible employers within 36 months of the program enrollment opening, following a phased implementation period.

Legislation Status Acive
Plan Illinois Secure Choice Retirement Program
Program type Mandatory

Description Mandatory for companies with 5+ employees that have been in operation for at least 2 years.

Penalties (1) $250 per employee for the first calendar year the employer is noncompliant; or
(2) $500 per employee for each subsequent calendar year the employer is noncompliant

Timeline Launched November 1, 2023.

Legislation Status Details not available

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Legislation Status Details not available

Legislation Status Legislation passed, launch TBD
Plan Secure Choice Retirement Program
Program type Mandatory

Description Mandatory for employers with 5+ employees that have been in business for 1+ year(s) and do not already offer a qualified, employer-sponsored retirement plan.

Penalties Details not available

Timeline Schedule TBD

Legislation Status Legislation passed.
Plan Missouri Workplace Retirement Savings Plan
Program type Voluntary

Description A voluntary program available to employers with fewer than 50 employees.
An eligible employee shall automatically contribute 5% of his or her salary or wages to the plan or may elect to opt out of the plan or may contribute at a higher or lower rate, expressed as a percentage of salary or wages; except that, the board, in its discretion, may change the 5% initial automatic default contribution rate.

Penalties Details not available

Timeline The plan is required to be fully implemented no later than September 1, 2024.

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Legislation Status Legislation passed, launch Jul 1, 2023
Plan RetirePath
Program type Mandatory

Description Mandatory for companies with 25+ employees that have been in business for 2+ years and do not already offer a qualified retirement plan to employees. Other program details are still being finalized.

Penalties Up to $200 per eligible employee

Timeline Must register before February 15, 2024.

Legislation Status Details not available

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Legislation Status Active
Plan CalSavers
Program type Mandatory

Description Mandatory for employers with 1 or more employees.

Penalties $250 per eligible employee after 90 days of noncompliance and an additional fee of $500 per eligible employee after 180 days of noncompliance.

Timeline 
Annual deadline for newly eligible employers with 5+ employees is December 31.
Deadline for employers with 1-4 employees is December 31, 2025.

Legislation Status Active
Plan Colorado Secure Savings Programs
Program type Mandatory

Description Mandatory for companies that have been in business for 2+ years and have 5+ employees.

Penalties Up to $100 per eligible employee per year (up to max of $5,000 annually).

Timeline The pilot program began in October 2022, enrollment is now live.
- Employers with 50 or more employees: March 15, 2023
- Employers with 15 to 49 employees: May 15, 2023
- Employers with 5 to 14 employees: June 30, 2023

Legislation Status Legislation passed, launch TBD
Plan Hawaii Retirement Savings Program
Program type Mandatory

Description Mandatory for companies with 1+ employees. Employees will not be automatically registered, with the option to opt out. In order to participate in the program, employees will have to opt in. The Hawaii retirement savings board may authorize matching contributions of up to $500 per participant account from the special fund for the first 50,000 covered employees who participate in the program for twelve consecutive months after initial enrollment.

Penalties Any covered employer who fails to enroll a covered employee into the program without equitable justification shall be liable:
(1) To the covered employee, in an amount equal to the contribution amount that would have been made by the employee into the program and interest at a rate of six per cent per year on the contribution amount, beginning from the date the contribution would have been made into the account; provided that the sum of the contribution amount and interest thereto shall be transmitted by the covered employer to the program to be paid into the covered employee's IRA; and
(2) A penalty of:
a) $25 for each month the covered employee was not enrolled in the program; and
b) $50 for each month the covered employee continues to be unenrolled in the program after the date on which a penalty has been assessed with respect to the covered employee who had elected to participate in the program.

Timeline Signed into law in July 12, 2022. Rollout is TBD.

Legislation Status Details not available

Legislation Status Details not available

Legislation Status Legislation passed, launch TBD
Plan Nevada Employee Savings Trust
Program type Mandatory

Description Mandatory auto-enrollment payroll deduction IRA program for employees of private sector employers which do not offer a retirement plan and employ five or more employees and has been in business for at least 36 months.

Penalties Details not available

Timeline Schedule TBD

Legislation Status Legislation passed, launch TBD
Plan New Mexico Work and Save Program
Program type Voluntary

Description All companies with their primary place of business located in New Mexico are eligible. Planning to change their legislation in 2023 to mandate employer participation for eligible businesses. Will partner with Colorado SecureSavings Program.

Penalties N/A, voluntary program

Timeline Launching July 1, 2024

Legislation Status Active
Plan OregonSaves
Program type Mandatory

Description Mandatory for all employers with 1+ employees that don’t already offer a qualified, employer-sponsored retirement plan.

Penalties Employers that are out of compliance may be subject to enforcement action, including penalties and fines.

Timeline Launched September 15, 2022

Legislation Status Details not available

Legislation Status Active
Plan The Retirement Marketplace
Program type Voluntary

Description Washington’s Retirement Marketplace, operated by the Department of Commerce, is an online marketplace where qualified financial services firms offer low-cost retirement savings plans to businesses and individuals, including sole proprietors, “gig” workers and the self-employed.

Penalties N/A, voluntary program

Timeline Live now

Legislation Status Details not available