Need to know

State-Mandated Retirement Plans

State-mandated retirement plans are the result of legislation requiring small businesses to provide retirement benefits to their employees. These employers now have the added responsibility of choosing a plan that’s right for their business and performing various administrative tasks to comply with the laws. Their employees must also find the plan beneficial – a critical aspect to retaining top talent.

Why are states mandating retirement plans?

These mandates are a way to address the retirement savings gap in this country. The research they have done shows :


The average working household had practically no retirement savings.


Employees are more likely to save when they have access to a 401(k) or similar plan by their employer.



Only four in ten businesses with less than one hundred employees offer retirement benefits.

Which states have mandatory retirement plans?

More than 30 states have considered enacting state-mandated retirement plan legislation. Of them, 13 have actually signed such programs into law. These states are highlighted on the map below:


Retirement Legislation State by State

Active state-sponsored retirement plans

State Retirement Legislation
California CalSavers
Connecticut MyCTSavings
Illinois Illinois Secure Choice
Massachusetts Massachusetts Defined Contribution CORE Plan
Oregon OregonSaves
Washington Washington Small Business Retirement Marketplace

Legislation passed, implementation scheduled

State Retirement Legislation Target Date    
Colorado See details by clicking, “State Mandate Retirement Plan” on this page. End of 2021-2022
Maine Maine Retirement Savings Program July 2023
Maryland Maryland Small Business Retirement Savings Program Mid 2022
New Jersey New Jersey Secure Choice Savings Plan March 2022
New Mexico New Mexico Work and Save Act January 2022
Virginia Virginia Saves July 2023
Vermont Green Mountain Secure Retirement Plan TBD 2021

Legislation passed, implementation not scheduled

State Retirement Legislation
New York New York Secure Choice Savings Plan
New York City Retirement Security for All Act

Get started with Journey