State Retirement Programs

A look at CalSavers: California's NEW state-mandated retirement program.

California

 

Important Dates
Registration is open.

Registration deadlines:
September 30, 2020, for businesses with 100 or more employees
June 30, 2021, for businesses with 50 to 99 employees
June 30, 2022, for businesses with 5 to 49 employees

 

Active?
Not yet active

 

Employee Eligibility Requirements
18 years of age or older
Employed for longer than 30 days

 

Plan Details
5% into Roth IRA automatically, increasing 1% a year until settling at 8%. Percentage can be set at any level. 

 

Excluded Plans
401(k)
403(a)
403(b)
Simplified Employee Pension (SEP)
Savings Incentive Match Plan for Employees (SIMPLE) plans
Payroll deduction IRAs with automatic enrollment

 

Existing Plan Registration Required?
Yes

 

Learn more

Connecticut

 

Important Dates
Possible 2020 launch, but unspecified

 

Active?
Not yet active

 

Employee Eligibility Requirements
Details unavailable

 

Plan Details
6% into Roth IRA or traditional IRA automatically (Recommended in report to legislature. Actual decision has not been made/publicized.)

 

Excluded Plans
Details unavailable

 

Existing Plan Registration Required?
Details unavailable

 

Learn more

Illinois

 

Important Dates

All businesses with 25 or more employees are now required to be either:

  • Registered with a qualified plan (see Excluded Plans below)

  • Enrolled in the Illinois Secure Choice Program

 

Active?
Active

 

Employee Eligibility Requirements
18 years of age or older
Employed for longer than 60 days

 

Plan Details
5% into Roth IRA automatically. Percentage can be set at any level, 1% auto increase can also be set if preferred.

 

Excluded Plans
401(k)
403(a)
403(b)
Simplified Employee Pension (SEP)
Savings Incentive Match Plan for Employees (SIMPLE) plans
Governmental Deferred
Compensation Plan 457(b)

 

Existing Plan Registration Required?
Yes

 

Learn more

Maryland

 

Important Dates
Expected to start operations sometime in mid-2020.

 

Active?
Not yet active

 

Employee Eligibility Requirements
Details unavailable

 

Plan Details
Details unavailable

 

Excluded Plans
Details unavailable

 

Existing Plan Registration Required?
Details unavailable

 

Learn more

New Jersey

 

Important Dates
Scheduled to be implemented March 28, 2021

 

Active?
Not yet active

 

Employee Eligibility Requirements
Details unavailable

 

Plan Details
Autoenrollment

 

Excluded Plans
Defined Benefit*
401(k)*
Simplified Employee Pension (SEP)*
Savings Incentive Match Plan for Employees (SIMPLE) plans*
Possible additions*
*(Unofficial. Plans listed in initial legislation)

 

Existing Plan Registration Required?
Yes

 

Learn more

Oregon

 

Important Dates

Registration is open.

Deadline for businesses with 5 or more employees has passed.
January 15, 2021 for businesses with fewer than 5 employees.

 

Active?
Partial

 

Employee Eligibility Requirements
18 years of age or older
Employment based in Oregon
Employed for more than 60 days
Employee has earned income

 

Plan Details
5% into Roth IRA automatically, increasing 1% a year until 10%. Percentage can be set at any level.

 

Excluded Plans
401(k)
403(a)
403(b)
Simplified Employee Pension (SEP)
Savings Incentive Match Plan for Employees (SIMPLE) plans
Governmental Deferred
Compensation Plan 457(b)

 

Existing Plan Registration Required?
Yes

 

Learn more

Washington

 

Important Dates
Not a required program

 

Active?
Active

 

Employee Eligibility Requirements
N/A

 

Plan Details
Simply a retirment plan marketplace where you can open up an IRA if you desire.

 

Excluded Plans
N/A

 

Existing Plan Registration Required?
N/A

 

Learn more