Connecticut Mandated Retirement Plan Consulting and Advisory Services

The purpose of state mandated retirement plans are to provide workers with a way to save for their retirement, particularly those who lack employer-sponsored plans. It is important to stay aware of your state’s rules when it comes to a mandatory retirement plan, as they can impact business with or without a plan.

For businesses without a retirement plan, you will want to be aware of your state’s rules for who is required to offer a plan, and when you are required to sign up. Many states have enrollment phases based on how many employees you have.
For businesses with a retirement plan, your state may require you to opt-out of their mandatory program by certifying that you already have a plan in place.

Each state’s plan is different, so you will want to be aware of the specific rules put in place by your state. Please see below for some information on the different states or reach out to us if you would like to talk further about your options.

CalSavers - State of California IRA Program (California)
Status	Active program
Employers impacted	All employers with 5 or more employees without a retirement plan are required to join the program. The registration deadline for employees with 1-4 employees is December 31, 2025.
Plan type	Mandatory Roth IRA
Auto-enroll	If 18 years or older, automatically enrolled at 5% after 30 days
Auto-escalation	1% annual increase on enrollment anniversary up to 8%
Investments	2 Funds + State Street Target Date Series
Penalties	$250 per eligible employee if noncompliance extends 90 days $500 per eligible employee if found to be in noncompliance for 180 days
Website	https://www.calsavers.com/

Colorado SecureSavings Program (Colorado)
Status	Active program
Employers impacted	Employers with five or more employees in business for at least two years and do not already offer a retirement plan. Opt-in allowed for sole proprietors and smaller businesses.
Plan type	Mandatory Roth IRA
Auto-enroll	5% following the employee’s 180th day of employment
Auto-escalation	Yes; increase by an additional 1% on each January 1 the year following an employee enrolling in the plan, to a maximum of 8%.
Investments	3 Funds + State Street Target Date Series
Penalties	$100 per eligible employee per year, not to exceed $5,000 annually
Website	https://coloradosecuresavings.com/

MyCTSavings (Connecticut)
Status	Active program
Employers impacted	Employers with five or more employees, each of whom has been paid more than $5,000 in the calendar year.
Plan type	Mandatory Roth IRA
Auto-enroll	If an employee is 19 years or older, automatically enrolled at 3% after 120 days
Auto-escalation	N/A
Investments	8 Funds + Vanguard Target Date Series
Penalties	$500 for employers with 5-24 employees $1,000 for employers with 25-99 employees $1,500 for employers with 100 or more employees
Website	https://myctsavings.com/

Delaware EARNS Program (Delaware)
Status	Active Program
Employers Impacted	Employers with five or more employees in business for at least six months of the preceding calendar year.
Plan type	Mandatory Roth IRA
Auto-enroll	5% after earning income from a Delaware employer for at least 120 days and is 18 or older.
Auto-escalation	1% every January until 10%
Investments	3 Funds + State Street Target Date Series
Penalties	$250 per employee per year, up to a maximum total penalty of $5,000 per year.
Website	https://treasurer.delaware.gov/earns/

Hawaii Saves Retirement Savings Program (Hawaii)
Status	Legislation passed; implementation timeline TBD.
Employers Impacted	Employers with one or more employees
Plan type	Mandatory Roth IRA
Auto-enroll	3%
Auto-escalation	No
Investments	TBD
Penalties	TBD
Other features	$500 state match for the first 50,000 participants to contribute to the plan for 12 consecutive months
Website	https://legiscan.com/HI/drafts/SB3289/2022

Illinois Secure Choice Savings Program (Illinois)
Status	Active program
Employers Impacted	All employers with five or more employees in business for at least two years.
Plan type	Mandatory Roth IRA
Auto-enroll	5% after 60 days with employer if 18 years or older
Auto-escalation	1% annual increase on enrollment anniversary up to 10%
Investments	3 funds + BlackRock Target Date Series
Penalties	$250 per employee for the first calendar year $500 per employee for each subsequent calendar year the employer is non-compliant Noncompliance does not need to be consecutive to qualify for the $500 penalty
Website	https://www.ilsecurechoice.com/home.html

Maine Retirement Investment Trust (Maine)
Status	Active Program
Website	https://meritsaves.org/
Employers Impacted	All private sector employers with 5 or more employees in business 2 years or more.
Plan type	Mandatory Roth IRA
Auto-enroll	Yes - 5%
Auto-escalation	1% annual increase on enrollment anniversary up to 10%
Investments	3 Funds + BlackRock Target Date Series
Penalties	July 1, 2025 - June 30, 2026: the maximum penalty for non-compliance is $20 per employee. July 1, 2026 - June 30, 2027: the maximum penalty per employee will be $50. On or after July 1, 2027: the maximum penalty per employee increases to $100.
Other features	Plan available to self-employed individuals and contractors.
Website	https://meritsaves.org/

Maryland$aves Secure Choice Program (Maryland)
Status	Active program
Employers Impacted	Businesses with at least one W-2 employee, have been in business for two years and use an automated payroll system.
Plan type	Roth IRA
Auto-enroll	5%
Auto-escalation	1% annual increase each January, up to 10%
Investments	3 Funds + BlackRock Target Date Series
Penalties	None
Other features	$300 annual registration fee waived for sponsoring a plan OR participating in the Maryland$aves program. The first $1,000 is invested in an Emergency Savings Fund.
Website	https://marylandsaves.com/

Massachusetts Defined Contribution CORE Plan (Massachusetts)
Status	Active program (currently voluntary)
Employers Impacted	Voluntary for non-profit organizations with 20 or fewer employees. Outstanding legislation to expand to all employers.
Plan type	Voluntary MEP with safe harbor option
Auto-enroll	6% after 60 days
Auto-escalation	Annual increases of 1% or 2% (based on employer’s election) up to a maximum contribution rate of 15%.
Investments	Empower/Great West
Penalties	N/A - voluntary
Website	https://www.empower.com/client/mass/employer/

Minnesota Secure Choice Retirement Program (Minnesota)
Status	Legislation passed; implementation TBD
Employers Impacted	Employers with five or more employees in business for the immediately preceding 12 months.
Plan type	Mandatory IRA
Auto-enroll	Yes - TBD
Auto-escalation	No
Investments	TBD
Penalties	TBD
Website	https://legiscan.com/MN/bill/HF782/2023

RetireReady New Jersey Savings Program (New Jersey)
Status	Active Program
Employers Impacted	Employers with 25 or more employees in business for two years or more.
Plan type	Mandatory Auto IRA
Auto-enroll	If 18 years or older, will be automatically enrolled at a rate of 3%
Auto-escalation	No
Investments	7 Funds + Vanguard Target Date Series
Penalties	1st calendar year with a violation: Written warning 2nd calendar year with a violation: $100 fine 3rd-4th calendar year: $250 for each violation 5th and subsequent years with a violation: $500 for each violation
Website	https://nj.gov/treasury/securechoiceprogram/

RetireReady New Jersey Savings Program (New Jersey)
Status	Active Program
Employers Impacted	Employers with 25 or more employees in business for two years or more.
Plan type	Mandatory Auto IRA
Auto-enroll	If 18 years or older, will be automatically enrolled at a rate of 3%
Auto-escalation	No
Investments	7 Funds + Vanguard Target Date Series
Penalties	1st calendar year with a violation: Written warning 2nd calendar year with a violation: $100 fine 3rd-4th calendar year: $250 for each violation 5th and subsequent years with a violation: $500 for each violation
Website	https://nj.gov/treasury/securechoiceprogram/

New Mexico Work & $ave (New Mexico)
Status	Legislation passed; waiting on implementation
Employers Impacted	Employers with five or more employees in business for at least two years. Opt-In allowed for sole proprietors and smaller businesses.
Plan type	Work & Save Program – Roth IRA
Auto-enroll	6% after 60 days after program enrollment
Auto-escalation	TBD
Investments	TBD
Penalties	TBD
Other features	Emergency savings TBD
Website	https://nmsto.gov/special-programs/work-and-save/

Nevada Employee Savings Trust (Nevada)
Status	Legislation passed; schedule TBD
Employers Impacted	Employers with more than five employees who have been in business for at least 36 months.
Plan type	Mandatory Auto IRA
Auto-enroll	Yes – actual percentage TBD
Auto-escalation	TBD
Investments	TBD
Penalties	TBD
Other features	A study is to be conducted on whether to include independent contractors.
Website	https://legiscan.com/NV/bill/SB305/2023

New York Secure Choice Savings Program (New York State)
Status	Legislation passed; implementation TBD
Employers Impacted	Employers with ten or more employees at all times during the previous calendar year, in business for at least two years, and that have not offered a retirement plan in the preceding two years.
Plan type	Roth IRA
Auto-enroll	3%
Auto-escalation	No
Investments	TBD
Penalties	TBD
Website	https://www.securechoice.ny.gov/

New York City Retirement Security for All Act (New York City)
Status	Legislation passed; implementation TBD
Employers Impacted	Employers with five or more employees in the previous calendar year whose regular duties occur in the city. Also, employers who have been in business for at least two years.
Plan type	IRA
Auto-enroll	Yes - 5%
Auto-escalation	TBD
Investments	TBD
Penalties	TBD
Other features	Plan available to self-employed individuals at least 21 years of age.
Website	https://legistar.council.nyc.gov/LegislationDetail.aspx?ID=3498476&GUID=6E78D2BB-A4BA-4FD8-8C03-ABA62C914AEB&Options=&Search=

OregonSaves Program (Oregon)
Status	Active program
Employers Impacted	Employers with one or more employees.
Plan type	Mandatory Roth IRA
Auto-enroll	Automatically enrolled at 5% if 18 years or older after 60 days of employment
Auto-escalation	1% annual increase on enrollment anniversary up to 10%
Investments	2 Funds + State Street Target Date Series
Penalties	Eligible employers must offer a plan or face a fine up to $100 per eligible employee per year (up to max of $5,000 annually)
Website	https://www.oregonsaves.com/

Rhode Island Secure Choice Retirement Savings Program (Rhode Island)
Status	Legislation passed; implementation TBD
Employers Impacted	Employers with 5 or more employees and satisfies requirements to establish or participate in a payroll deposit retirement savings arrangement.
Plan type	Mandatory Auto IRA
Auto-enroll	TBD
Auto-escalation	TBD
Investments	TBD
Penalties	TBD
Website	https://legiscan.com/RI/bill/S2045/2024

VT Saves (Vermont)
Status	Implementation in progress; date TBD
Employers Impacted	All employers with five or more employees in business within the past two years.
Plan type	Mandatory Roth IRA
Auto-enroll	5%
Auto-escalation	Yes - TBD
Investments	TBD
Penalties	TBD
Other features	TBD
Additional resources	VT Saves is replacing Vermont's former voluntary plan, Green Mountain Secure Retirement Plan.
Website	https://legiscan.com/VT/bill/S0135/2023

RetirePath Virginia (Virginia)
Status	Active program
Employers Impacted	Employers with 25 or more employees in business two years or more.
Plan type	Mandatory Roth IRA
Auto-enroll	5%
Auto-escalation	1% annual increase every January up to 10%
Investments	4 Funds + LifePath Index Target Date Series
Penalties	Up to $200 per eligible employee
Website	https://www.retirepathva.com/

Washington Saves Retirement Program (Washington)
Status	Legislation passed; implementation TBD
Employers Impacted	Businesses that have been located in Washington state for at least 2 years and do not currently offer a retirement plan
Plan type	Mandatory Auto IRA
Auto-enroll	Yes - 3%
Auto-escalation	1% per year to 7%
Investments	TBD
Penalties	TBD
Website	https://www.guideline.com/education/articles/washington-saves-retirement-program

Know Your State’s Mandate