Legislation

Employers will incur a penalty of $250 per eligible employee for noncompliance that lasts 90 days or more beyond the issued notice. Should noncompliance continue for 180 days or more after the notice, an additional penalty of $500 per eligible employee will be imposed.

All companies that have a headcount of 1-4 employees (including founders and owners) must comply.

CalSavers

Eligible employees may be subject to fines of up to $100 annually, with a maximum of $5,000 in fines across all employees per calendar year. Penalty enforcement will commence no earlier than one year after the program starts or one year after an employer is required to participate, whichever is later.

Companies with a headcount of 5-14 (including founders and owners)

Colorado Secure Savings Program

Under HB 6552, which was approved with an 88-61 vote, the state Comptroller’s office has the authority to impose fines ranging from $500 to $1,500 on businesses that do not comply with the MyCTSavings program requirements.

Companies of all sizes

MyCTSavings

Any business that does not comply will be subject to a penalty of $250 per employee annually, with a maximum penalty of $5,000 per year.

TBD

Delaware Expanding Access for Retirement and Necessary Saving (EARNS)

A penalty of $25 will be imposed for each month a covered employee is not enrolled in the program, increasing to $50 for each month they remain unenrolled following the assessment of the initial penalty.

TBD

Hawaii Saves

The penalty for the first year of non-compliance is $250 per eligible employee. For each subsequent year, the penalty increases to $500 per eligible employee.

All companies that have a headcount of 5-15 employees (including founders and owners) must comply.

Illinois Secure Choice

Under the current law, the deadline and maximum penalty per covered employee are as follows: before April 1, 2024, the penalty is $10; from April 1, 2024, to March 31, 2025, it is $20; and from April 1, 2025, to September 30, 2026, the penalty increases to $50.

Companies with a headcount of 5 or more.

MERIT

No penalties

None (All Deadlines Passed)

Maryland Small Business Retirement Savings Program

None

For Non-Profits

Massachusetts Defined Contribution CORE Plan

TBD

TBD

Minnesota Secure Choice Retirement Program

No penalties

N/A

Show-Me MyRetirement Savings Plan

No penalties

All companies must comply with deadlines ranging based on size.

July 1, 2025: 1000 or more
Jan 1, 2026: 500 - 999
July 1, 2026: 100 - 499
Jan 1, 2027: 99 or less

Employee Savings Trust Program

Penalties for each year of non-compliance are as follows: a written warning for the first year; $100 per employee for the second year; $250 per employee for the third and fourth years; and $500 per employee from the fifth year onward.

Employers who have been in business at least 2 years and have 25 or more employees.

New Jersey Secure Choice Savings

No penalties

N/A

New Mexico Work and Save

Non-compliance with this legislation could lead to a civil penalty of $250 per eligible employee.

TBD

New York Secure Choice Savings

Employers who do not sponsor a retirement plan or participate in the state-mandated program by the designated deadline may be subject to a penalty of $100 per affected employee. The total maximum fine per year is $5,000.

1 - 2 Employees

OregonSaves

25 or More
Deadline and maximum penalty per covered employee are as follows: $10 before October 1, 2025; $20 from October 1, 2025, to September 30, 2026; and $75 starting on October 1, 2026.

15 to 24
The deadline and maximum penalty per covered employee are structured as follows: $10 before October 1, 2025; $20 from October 1, 2025, to September 30, 2026; and $75 on or after October 1, 2026.

5 to 14
The schedule for the maximum penalty per covered employee is as follows: $10 until October 1, 2025; $20 from October 1, 2025, through September 30, 2026; and $75 beginning October 1, 2026.

July 1, 2025: 25 or more
Jan 1, 2026: 15 to 24
July 1, 2026: 5 to 14

VTSaves

Employers who fail to provide retirement options for their employees are subject to an annual penalty of $200 per eligible employee.

All companies that have a headcount of 25 or more employees must comply.

RetirePath Virginia

No penalties

No specifications

Washington Small Business Retirement Marketplace