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, 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 Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation passed, launch TBD
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 two years in business can join voluntarily. Fifth year and beyond: $500 per employee

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 TBD

Legislation Status Legislation passed, launch TBD
Plan New York State Secure Choice Savings Program
Program type Mandatory

Description Mandatory for companies that have at least 10 employees in the state, have been in business at least two years and have not offered a qualified retirement plan. Became law on December 31, 2021.

Penalties Information not available

Timeline TBD

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 Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

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 Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation passed.
Plan Secure Choice Retirement Program
Program type Mandatory

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

Penalties TBD

Timeline Implementation deadline is to be determined; program is expected to be up and running by October 1, 2024.

Legislation Status Legislation passed.
Plan Voluntary
Program type Mandatory

Description Voluntary for employers with 50 or fewer employees.

Penalties N/A

Timeline The program’s board will implement the program on or before 9/1/25.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status No legislation under consideration

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status No legislation under consideration

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status No legislation under consideration

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

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 Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

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 Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation introduced but no word yet on when or if they will offer plans.

Legislation Status Legislation passed.
Plan N/A
Program type Mandatory

Description Mandatory for employers with at least 5 employees that have been in business for at least 3 years.

Penalties TBD

Timeline Not before 7/1/2025

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 Legislation introduced but no word yet on when or if they will offer plans.

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 Legislation introduced but no word yet on when or if they will offer plans.