401(k) Plans

Many states are now requiring businesses to enroll employees in qualifying retirement programs. Numerous states currently have mandated plans in place, while many more are planning to include similar requirements within this year and the next year. Penalties for non-compliance can be as high as $5,000 per year. Some states* require companies with 25 or more employees to be registered for a retirement plan before December 2022. Few other states* have similar requirements for employers with 5 or more employees.

*State-by-State Mandate
5 or more employees
Enroll by June 30, 2022
5 or more employees
Beginning in 2023
5 or more employees
Enroll during 2022
16-24 employees
5-15 employees
Enroll by Nov. 2022
Enroll by Nov. 2023
25 or more employees
15-24 employees
5-14 employees
Enroll by Apr. 1, 2023
Enroll by Oct. 21, 2023
Enroll by Apr. 1, 2024
Not Yet Finalized
Beginning Sept. 2022
New Jersey
25 or more employees
Enroll by Dec. 28, 2022
New York
10 or more employees
5 or more employees
Enroll by Aug. 9, 2023
Enroll by Oct. 21, 2023
4 or fewer employees
Enroll by early 2023
Not Yet Finalized
Beginning in Jul. 2023