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Several state legislatures have enacted mandates requiring small businesses to offer a retirement plan to their employees. Some state governments even offer state-run retirement plans as an option for small business owners.

Depending on the state you live in, these mandates may affect you. As you might assume, generally these state-run alternatives aren’t as attractive as the Sallus PEP solution as you can see in the head-to-head comparison we have performed. Legislation is changing all the time, so check with your state representative for the most up-to-date details on your state’s small business retirement plan mandate.

The California State Retirement Plan Mandate

California state law requires employers in California to register and facilitate the CalSavers program if they have one or more California workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:

  • 1+ Employees: Deadline Passed

Penalties For Non-Compliance

  • After 90 Days: $250 Per Employee
  • After 180 Days: An Additional: $500 Per Employee
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run CalSavers program.
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The Colorado State Retirement Plan Mandate

Colorado state law requires employers in Colorado to register and facilitate the CO SecureSavings program if they have five or more Colorado workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees: Deadline Passed

Penalties For Non-Compliance

  • $100 fine per employee per year, up to $5000 annually
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run CO SecureSavings program.
Download PDF

The Connecticut State Retirement Plan Mandate

Connecticut state law requires employers in Connecticut to register and facilitate the MyCTSavings program if they have five or more Connecticut workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees: Deadline Passed

Penalties For Non-Compliance

  • Investigations and penalties
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run MyCTSavings program.
Download PDF

The Delaware State Retirement Plan Mandate

Delaware state law requires employers in Delaware to register and facilitate the DelwareEARNS program if they have five or more Delaware workers, have been in business since July 1 of the previous year and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees – Deadline Passed

Penalties For Non-Compliance

  • May face a penalty $250 per eligible employee per year up to a maximum of $5000 annually
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run DelawareEARNS program.
Download PDF

The Hawaii State Retirement Plan Mandate

Hawaii state law requires employers in Hawaii to register and facilitate the Hawaii Retirement Savings Program if they have one or more Hawaii workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees – To be determined

Penalties For Non-Compliance

  • To be determined
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Hawaii Retirement Savings Program.
Download PDF

The Illinois State Retirement Plan Mandate

Illinois state law requires employers in Illinois to register and facilitate the Illinois Secure Choice Retirement Savings Program if they have five or more Illinois workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees – deadline passed

Penalties For Non-Compliance

  • First calendar year of non-compliance: $250 fee per employee
  • Subsequent year of non-compliance: $500 fee per employee
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Illinois Secure Choice program.
Download PDF

The Maine State Retirement Plan Mandate

Maine state law requires employers in Maine to register and facilitate the Maine Retirement Investment Trust (MERIT) Program if they have five or more Maine workers, have been in business for at least two years and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees – Deadline passed

Penalties For Non-Compliance

  • July 1, 2025-June30, 2026: $20 fine per covered employee
  • July 1, 2026-June 30, 2027: $50 fine per covered employee
  • On or after July 1, 2027: $100 fine per covered employee
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run MERIT program.
Download PDF

The Maryland State Retirement Plan Mandate

Maryland state law requires employers in Maryland to register and facilitate the MarylandSaves Program if they have one or more Maryland workers, have been in operation for at least 2 years, use an automated payroll system and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 1+ Employees: Deadline passed

Penalties For Non-Compliance

  • To Be Determined
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Maryland $aves program.
Download PDF

The Massachusetts State Retirement Plan Mandate

Massachusetts Core Plan is a multiple employer plan (MEP) that currently only applies to non-profit employers with 20 or fewer employees, and is completely voluntary. There is pending legislation that could expand the program to all employers.
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Massachusetts Core Plan.
  • Voluntary program – No penalties
Download PDF

The Minnesota State Retirement Plan Mandate

Minnesota state law requires employers in Minnesota to register and facilitate the Minnesota Secure Choice Retirement Program if they have five or more Minnesota workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees: On or after January 1, 2026

Penalties For Non-Compliance

  • To be determined
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Secure Choice program.
Download PDF

The Missouri State Retirement Plan Mandate

The Missouri Show-Me MyRetirement Savings Program is a voluntary multiple employer 401(k) plan (MEP) for private employers with 50 or fewer employees and self-employed individuals.
  • Expected to be available: September 1, 2025

Penalties For Non-Compliance

  • Voluntary program – No penalties
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Show-Me MyRetirement program.
Download PDF

The Nevada State Retirement Plan Mandate

Nevada state law requires covered employers in Nevada to register and facilitate the Nevada Employee Savings Trust (NEST) Program if they have six or more Nevada workers, been in business at least 36 months and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 6+ Employees – Program to be operational July 1, 2025

Penalties For Non-Compliance

  • To be determined
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Nevada Employee Savings Trust program.
Download PDF

The New Jersey State Retirement Plan Mandate

New Jersey state law requires employers in New Jersey to register and facilitate the RetireReady NJ Savings Program if they have 25 or more New Jersey workers, have been in business for at least 2 years, and do not sponsor a retirement plan. Compliance deadlines are as follows:
  • 25+ Employees: Deadline Passed

Penalties For Non-Compliance

  • After 1 year: written warning
  • 2nd year: $100 fine
  • 3rd or 4th year: $250 for each violation
  • 5th and subsequent year: $500 for each violation
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run RetireReady NJ Program:
Download PDF

The New Mexico State Retirement Plan Mandate

New Mexico Work and Saves Act is New Mexico’s legislation for a voluntary retirement savings marketplace for all New Mexico employers who do not offer an employersponsored retirement plan.
  • Available – TBD

Penalties For Non-Compliance

  • Voluntary Marketplace: no penalties
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run New Mexico marketplace:
Download PDF

The New York State Retirement Plan Mandate

New York state law requires employers in New York to register and facilitate the New York Secure Choice Savings Program if they have 10 or more New York workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 10+ Employees – To Be Determined

Penalties For Non-Compliance

  • To Be Determined
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run NY Secure Choice Program:
Download PDF

The Oregon State Retirement Plan Mandate

Oregon state law requires employers in Oregon to register and facilitate the OregonSaves program if they have one or more Oregon workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 1+ employees and Employers utilizing a PEO or leasing agency: Deadline passed

Penalties For Non-Compliance

  • Fines of $100 per eligible employee up to a maximum of $5000 annually
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Oregon Saves Program:
Download PDF

Rhode Island State Retirement Plan Mandate

Rhode Island state law requires employers in Rhode Island to register and facilitate the Rhode Island Secure Choice Program if they have five or more Rhode Island workers and do not sponsor a retirement plan or may face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees – To be determined

Penalties For Non-Compliance

  • To be determined
Download PDF

The Vermont State Retirement Plan Mandate

Vermont state law requires employers in Vermont to register and facilitate the VT Saves Program if they have five or more employees, been in business for at least two years and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 5+ Employees : Deadline passed

Penalties For Non-Compliance

  • First year – $10 per employee
  • Second year – $20 per employee
  • Third year or more – $75 per employee
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Vermont Saves Program:
Download PDF

The Virginia State Retirement Plan Mandate

Virginia state law requires employers in Virginia to register and facilitate the RetirePath Virginia program if they have 25 or more Virginia workers and do not sponsor a retirement plan or face stiff penalties. Compliance deadlines are as follows:
  • 25+ Employees – Passed

Penalties For Non-Compliance

  • Annual penalty of up to $200 per eligible employee
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run RetirePath Virginia Program:
Download PDF

The Washington State Retirement Plan Mandate

The Retirement Marketplace is Washington’s voluntary retirement savings program for Washington employers. It provides individuals and small businesses the opportunity to compare and select a retirement plan from 5 options that are offered through 2 providers.
  • Launched: March 2019
  • Auto-IRA Set To Launch On 1/1/27

Penalties For Non-Compliance

  • Voluntary marketplace: No Penalties
As shown below, the Sallus Retirement Pooled Employer 401(k) Plan is superior when compared to the state-run Retirement Marketplace:
Download PDF

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