Program gives more Virginians the opportunity to save for retirement at work.
“This early registration deadline encourages eligible employers to enroll now,” said Peter Thompson, RetirePath Program Director. “Don’t wait until next year’s state-mandated deadline and noncompliance penalties. Our team is available to answer questions and help businesses get started today.”
More than 1 million private-sector Virginia workers lack access to a workplace retirement savings plan. RetirePath is designed to help close the retirement savings gap and improve the financial security of more Virginians. The program gives eligible employers a simple way to help their employees save for the future, with no employer fees, no fiduciary responsibility, and minimal administrative requirements. Virginia is the seventh state – and the first southern state – to launch an automatic-enrollment, state-facilitated retirement savings program.
In June, RetirePath notified 8,700 Virginia businesses that they may be required to participate. These emails and letters include a unique access code, registration deadline and instructions. For employers eligible in 2023, the final registration deadline is February 15, 2024.
“It’s been really easy to administer RetirePath,” said Carol Young, CEO of Healing Strides, a Franklin County non-profit that was one of the first Virginia employers to register. “When I had questions, I was able to get my answers quickly and very clearly, so that it was easy to understand and explain to our employees.”
RetirePath is voluntary for employees. Individuals who are self-employed or don’t work for an employer registered with RetirePath can open an account today.
Learn more about RetirePath at RetirePathVA.com.