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September 4, 2024


WHY PARTNERING WITH YOU IS A SMART CHOICE FOR SMALL BUSINESS RETIREMENT PLANNING

TAX CREDITS, CHOICES, NO FEES, AND RETIREMENT PLANNING STRATEGIES WITH YOUR
GUIDANCE AND SUPPORT!

Several states have mandated retirement plan access for employees of small
businesses to address the retirement savings gap that many employees face, this
has opened NEW markets for annuity sales.

State Legislators are mandating that small business owners provide their
employees with a retirement plan or enroll employees in a state-run plan. On
average more than 66% of small businesses do not offer retirement benefits to
their employees¹– lots of opportunities to help small business owners navigate
these new state mandates.


BUSINESS OWNERS IMPACTED BY THESE MANDATES HAVE THREE CHOICES

 1. Register with the state, enroll all eligible employees in the state program,
    set up payroll deductions for each employee, and post regular notices.
    Program fees vary from state to state. Employees can opt-out after being
    enrolled.
 2. Offer one of the following qualified plans and be exempt from the mandate.

– Payroll Deducted IRAs (California only)
– SEP – Simplified Employee Pension 408(k)
– SIMPLE – Savings Incentive Matching Plan for Small Employers 408(p)
– 401(a) – Qualified Plan (including profit-sharing plans and defined benefit
plans)
– 401(k) plans (including multiple employer plans or pooled employer plans)
– 403(a) – Qualified Annuity Plan or 403(b) Tax-Sheltered Annuity Plan

 3. Ignore the mandate and face fines ranging from $100 to $500 per employee not
    enrolled or exempt.

 

WITH SO MANY OPTIONS, WHY SHOULD A BUSINESS OWNER WORK WITH YOU TO OFFER
EMPLOYEES A RETIREMENT PLAN?

Tax credits, choices, no fees, and retirement planning strategies – with your
guidance and support!

 


STATES IN WHICH IMPLEMENTATION IS UNDERWAY

CALIFORNIA – CALSAVERS

Currently – All employers with five (5) or more employees are required to have a
retirement plan for their employees or adopt the state plan to avoid fines.
December 31, 2025 – Deadline for employers with one(1) or more employees.
Fine: $250 per employee


CalSavers Retirement Savings Program

COLORADO – SECURESAVINGS

Currently – All employers with five (5) or more employees are required to have a
retirement plan for their employees or adopt the state plan to avoid fines.
Fine: $100 per employee


Colorado SecureSavings

CONNECTICUT – MYCTSAVINGS

Currently – All employers with five (5) or more employees are required to have a
retirement plan for their employees or adopt the state plan to avoid fines.
Fine: $500 – $1,500 per employee
MyCTSavings

DELAWARE – DELAWARE EARNS

October 15, 2024 – Deadline for all private-sector employers with five (5) or
more employees.
Fine: $250 per employee per year, up to a maximum total penalty of $5,000 per
year
Delaware EARNS

ILLINOIS – SECURE CHOICE

Currently – All employers with five (5) or more employees are required to have a
retirement plan for their employees or adopt the state plan to avoid fines.
Fine: $250 per employee


Illinois Secure Choice

MAINE – MERIT

Currently – All employers with five (5) or more employees are required to have a
retirement plan for their employees or adopt the state plan to avoid fines.
Fine: $100 per employee
MERIT

MARYLAND – MARYLANDSAVES

December 31, 2024 – Deadline for all qualifying employers with one (1) or more
employees who have been in business for at least two years.
MarylandSaves

NEW JERSEY – RETIREREADY NJ

September 15, 2024 – Deadline for employers with 40 or more employees.
November 15, 2024 – Deadline for employers with 25 or more employees.
Fine: $250-$500 per employee


RetireReady NJ

OREGON – OREGONSAVES

Currently – All employers with one (1) or more employees are required to have a
retirement plan for their employees or adopt the state plan to avoid fines.
Fine: $100 per employee
OregonSaves

VERMONT – VT SAVES

The program will open in July 2025 and roll out in phases.
July 1, 2025 – Deadline for employers with 25 or more employees.
January 1, 2026 – Deadline for employers with 15 or more employees.
July 1, 2026 – Deadline for employers with five (5) or more employees.
Fine: TBA
VT Sales website not yet live.

VIRGINIA – RETIREPATHVA

Currently – All employers with 25 or more employees who have been in business
for at least two years are required to have a retirement plan for their
employees or adopt the state plan to avoid fines.
Fine: $200 per employee
Subject to enforcement action, which may include financial penalties


RetirePathVA


STATES IN WHICH LEGISLATION IS PASSED AND IMPLEMENTATION DETAILS ARE FORTHCOMING

Hawaii – Hawaii Saves Retirement Savings Program
Massachusetts – Secure Choice Retirement Savings Plan
Minnesota – Minnesota Secure Choice Retirement Program
New York – Secure Choice Savings Program
New York City – Retirement Security for All Act
Nevada – Nevada Employee Savings Trust
New Mexico – Work and $ave
Rhode Island – Secure Choice Retirement Savings Program
Washington – Retirement Marketplace

 

NATIONAL LIFE HAS A VARIETY OF RESOURCES AVAILABLE TO ASSIST YOU IN THIS
MARKETPLACE.

Resource Library

(Agent Portal login required)

 

Register for September 10 Training Webinar

CONTACT US WITH QUESTIONS!

Email National Life Group Retirement Services:
RetirementServices1@nationallife.com
Or click on the map below to contact your regional Relationship Manager directly
with questions.



 

1. Fidelity Study: Despite Concerns About the Future, Two-Thirds of Small
Businesses Do Not Currently Offer Retirement Savings Benefits, Fidelity
Newsroom, May 11, 2023

TC6982115(0924)1

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National Life Group® is a trade name of National Life Insurance Company,
Montpelier, VT, Life Insurance Company of the Southwest, Addison, TX, and their
affiliates. Each company of National Life Group is solely responsible for its own
financial condition and contractual obligations. Life Insurance Company of the
Southwest is not an authorized insurer in New York and does not conduct
insurance business in New York.

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