---
title: What are State-mandated Retirement Plans?
description: State governments are passing legislation requiring small businesses to provide their employees with some type of retirement plan. Get the details.
image: https://blog.tsibinc.com/hubfs/shutterstock_243995698.jpg
---
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# Knowledge Corner
September 13, 2022
## What are State-mandated Retirement Plans?
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37% of Americans are [not saving](https://www.gobankingrates.com/retirement/planning/half-americans-do-not-have-enough-retirement-savings-new-study-shows/#:~:text=Another%20key%20finding%20of%20the,having%20%240%20in%20retirement%20accounts.) for retirement. Only 4 in 10 businesses with [less than 100 employees](https://www.plansponsor.com/small-business-employees-sorely-need-retirement-plan-coverage/) offer retirement benefits. These are sobering statistics. In response to these stats, state governments are taking action. They are passing legislation to require small businesses to provide their employees with some type of retirement plan. Employers satisfy this requirement by either enrolling their employees into a [state-sponsored retirement program](https://www.leadingretirement.com/blog/state-approved-qualifying-retirement-plans) or sponsoring their own plan (ex., 401K) via the private market. The state-sponsored program is normally a Roth IRA.
The management of these plans will vary by your state, but some [key aspects](https://www.adp.com/resources/articles-and-insights/articles/s/state-mandated-retirement-plans.aspx#:~:text=State%2Dmandated%20retirement%20plans%20are,to%20comply%20with%20the%20laws.) are common. Usually, employees are automatically enrolled in the plan with payroll deductions normally the mechanism for plan contributions. The employee can opt out if desired, or change the contribution amount. Typically, the [employer cannot contribute](https://www.patriotsoftware.com/blog/payroll/state-mandated-retirement-plans/) to the plans.
**Which states have mandated retirement plans?**
- California: [CalSavers](https://www.calsavers.com/)
- Colorado: [Colorado Secure Savings Plan](https://treasury.colorado.gov/colorado-securesavings-program)
- Connecticut: [MyCTSavings](https://myctsavings.com/)
- Illinois: [Illinois Secure Choice Retirement Program](https://www.ilsecurechoice.com/)
- Maine: [Maine Retirement Savings Program](http://www.mainelegislature.org/legis/bills/getPDF.asp?paper=SP0515&item=1&snum=130)
- Maryland: [MarylandSaves](https://www.marylandsaves.org/)
- Massachusetts: [CORE Plan](https://www.mass.gov/core-plan-for-nonprofits)
- New Jersey: [New Jersey Secure Choice Savings Program Fund](https://www.nj.gov/governor/news/news/562019/approved/20190328a.shtml)
- New York: [New York Secure State Secure Choice Savings Program](https://www.tax.ny.gov/about/scsp/)
- Oregon: [OregonSaves](https://www.oregonsaves.com/)
- Washington: [Retirement Small Business Marketplace](https://retirement-marketplace.com/)
In addition to the above, the following states will have their own plans in the near future:
- Delaware: [Delaware Earns](https://treasurer.delaware.gov/earns/) – Signed into law August 2022
- Hawaii: [Hawaii Retirement Savings Program](https://www.capitol.hawaii.gov/Archives/measure_indiv_Archives.aspx?billtype=SB&billnumber=1374&year=2019) - Signed into saw August 2022
- New Mexico: [New Mexico Work and Save Program](https://nmsto.gov/special-programs/work-and-save/) – Launching July 1, 2024
- Vermont: [Green Mountain Secure Retirement Plan](https://www.vermonttreasurer.gov/content/green-mountain-secure-retirement-plan) – Launch date TBD
- Virginia: [VirginiaSaves Program](https://www.retirepathva.com/) – Launching on/before July 1, 2023
As an employer, a state-mandated retirement plan is one way to bridge that retirement savings gap for your employees.
If you’re looking for information on how to implement a qualified retirement plan or other [**benefit programs**](https://tsibinc.com/insurance-services/employee-benefits-programs/), reach out to TSIB and [**speak with one**](https://tsibinc.com/contact-us/) of our Benefits Specialists to help you get started.
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Topics: [Employee Benefits](https://blog.tsibinc.com/topic/employee-benefits)
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