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.
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: