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RetirePath, Virginia’s state-facilitated retirement savings program for private sector workers has expanded. WFIR’s Denise Allen Membreno has more.
RetirePath is a state program with a goal of getting more Virginia residents saving for retirement. Peter Thompson, RetirePath Program Director, says it helps small businesses provide retirement benefits.
“So we launched in 2023. At the time, the employer threshold was limited to businesses that had 25 or more employees working full time or working at least 30 hours a week. And recently, the program expanded.”
With bipartisan, unanimous support the General Assembly approved and Governor Abigail Spanberger signed House Bill 176 and Senate Bill 149 earlier this year. As of July first, 350,000 more workers can participate in RetirePath.
“So an employer has to have been operating for at least two years. They have to have, of course, five or more employees. They don’t already offer a qualified retirement plan. So employers who meet that criteria must register.”
Thompson says employers with 5 to 9 or 25 or more employees must register by October 30. Denise Allen Membreno WFIR News.
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Virginia businesses with 5 or more employees who do not already a retirement savings program are required to sign up for RetirePath VA. As WFIR’s Denise Allen Membreno tells us the program has expanded to offer more Virginians a chance to save for retirement.
RetirePathVA launched in 2023 for businesses with 25 or more employees. In 2024 there were 8,900 accounts with $4 million in assets. Now the program manages nearly 25-thousand accounts holding $27.3 million in assets. Peter Thompson, RetirePathVA Program Director, says they are excited to see the program grow.
“July 1, the program expanded statewide to more small businesses and workers. The program is now available to employers that have five or more employees, and that includes part-time workers.”
That opens up the program to 350,000 more people.
“And so today, this was the case in 2023 when it launched, self-employed individuals, gig workers, independent contractors can enroll in the program on their own and begin to contribute. They don’t necessarily need to have that employer relationship. For the majority of individuals who are saving in the program today, they are saving through that employer.”
Thompson says there are no employer fees and no fiduciary responsibility. Employers with 5 to 9 or 25 or more employees must register by October 30. Denise Allen Membreno WFIR News.
The post RetirePath VA expands, deadline for employers is approaching first appeared on News/Talk 960-AM & FM-107.3 WFIR.
