States across the country are taking a look at ways to help Americans increase their retirement savings, improve their retirement security, and get a better handle on student loan debt. As a result, many plan to or already have enacted retirement plan mandates with options to achieve these goals.

Currently ten states have retirement plan mandates:


  • State plan = Calsavers, launched in 2016 and allows companies to choose from a Roth IRA or traditional IRA
  • Since 2020, companies with more than 100 employees must have Calsavers or another qualifying retirement plan in place
  • As of 6/30/21 – companies with more than 50 employees were asked to meet same requirements
  • By 6/22 retirement plans are mandatory for companies with less than 50 employees
  • Failure to comply = $250 per eligible employee if non-compliance for 90 days after notice and $500 for 180 days after notice


  • State plan = Colorado Secure Savings Program, formal launch in 2022
  • Applies to any company without an existing plan that employs 5 or more employees and has been in operation at least two years. 
  • Employer contributions and their resulting tax benefits for companies only with qualifying private plan is adopted
  • Non-compliance = $100 per year for each unenrolled eligible employee, max $5k per year


  • State plan = MyCTsavings, passed in 2016 and is a Roth auto-IRA
  • As of 10/21, mandatory for all employers with 5 or more employees


  • State plan = Secure Choice, which was enacted in 2015
  • As of 2021 companies with at least 25 employees are required by law to have a plan
  • Deadline of 9/22 for employers with 15-24 employees
  • Deadline of 9/23 for employers with 5-14 employees
  • Penalty = $250 per employee for first year and $500 per employee second year


  • Auto IRA-plan for companies with more than 5 employees
  • Must be offered for individual or entity engaged in business for at least 2 years
  • Implementation beings on 4/1/23 for companies with 25+ employees
  • 10/21/23 for 15-24 employees
  • 4/1/24 for 5-15 employees
  • Penalties = $10 per employee prior to 4/1/24
    - $25 per employee 4/1/24 – 3/31/25
    - $50 per employee 4/1/25 – 9/30-26


  • State plan = Maryland$aves, enacted in 2016
  • Entering pilot phase in 2022. Mandatory for all employers that use a payroll system or service must opt into state plan or other qualifying private plan
  • Employers will face penalties for non-compliance

New Jersey:

  • State plan = New Jersey Secure Choice Savings Program, enacted in 2019
  • Requires companies with 25+ employees to use state or private
  • Program in effect starting 3/28/22, with the deadline at the end of 2022
  • Penalty by year 2 of $100 per employee not enrolled, 3rd and 4th years = $250, 5th $500

New York:


  • 2021 law that requires companies with at least 5 employees participate in NY Secure Choice Savings Program or have a qualifying private plan
  • Must be implemented by 8/9/23


  • Required for 10 or more employees
  • Enrollment begins 10/21/23, allows for 12 months for implementation


  • State sponsored plan = OregonSaves, doesn’t require employer contributions. 
  • As of 1/1/20 if non-compliant, fine is $100 per affected employee up to $5k per year
  • All companies must have plan by late 2022


  • State plan = VirginaSaves Program enacted in 2021
  • VA employees 18+ years old working more than 30 hours per week will be auto enrolled if they don’t have employer-provided plan
  • Program slated to being operations 7/1/23

Washington (Seattle only):

  • Applies to companies with more than 5 employees and has been operating within city limits for more than 24 months
  • Penalties for non-compliance but not stated what they are
  • Hasn’t yet been implemented


Four additional states have voluntary mandates (Massachusetts, New Mexico, Vermont, and Washington) and legislative efforts are currently underway in more than thirty others.

Complying with these mandates may seem like a tall order at first, don't go it alone! Offering a robust, quality retirement plan is about more than avoiding non-compliance penalties, it's an effective tool for attracting and retaining top industry talent.

Learn more about AeroPlan 401(k) and get started today