RetirePath Virginia: What You Need To Know

January 31, 2024

Opened in June 2023, RetirePath Virginia is an individual retirement account savings program that is state-affiliated, and has automatic enrollment. RetirePath Virginia was created to provide a solution to an issue many Americans face today; not saving enough for retirement. Prior to the opening of RetirePath Virginia, about 45% of the Commonwealth’s workforce had no access to a retirement savings plan at their jobs. Financial security and reducing the savings gap are two of the main goals the program was created to reach.

The goal of RetirePath Virginia is to provide employees with a straight-forward way to contribute to their retirement funds, directly out of their paychecks. The program sets up Roth Individual Retirement Accounts (IRA) for employees, with little administrative requirements from the employers.

RetirePath Virginia is mandatory for certain businesses. Both for-profit and not-for-profit employers can be eligible if there are more than 25 employees that meet the criteria given by RetirePath Virginia. The registration deadline is February 15th, 2023, and there are annual penalties of up to $200 for non-compliance. More information on eligibility, deadlines, and exemption can be found on the official RetirePath Virginia website (linked below).

For more information regarding RetirePath Virginia, click the link below for the official website:

https://www.retirepathva.com/resources/faqs

Wondering if your business is required to register? Use the link below:

https://www.retirepathva.com/employers/quiz

To register or send in an exemption form, click the link below:

https://www.retirepathva.com/employers

THIS ARTICLE IS FOR GENERAL INFORMATION PURPOSES ONLY. BUSINESS FINANCIALS, INC. (BFI) IS NOT ISSUING SPECIFIC FINANCIAL OR TAX ADVICE. PLEASE CONSULT WITH A LICENSED FINANCIAL PLANNER, TAX ATTORNEY, OR ACCOUNTANT FOR ASSISTANCE WITH YOUR SPECIFIC SITUATION. IF YOU NEED HELP, WE INVITE YOU TO CONTACT US. WE WILL BE HAPPY TO MAKE RECOMMENDATIONS OR REFER YOU TO A LICENSED PROVIDER WHO MAY BE BEST SUITED FOR YOUR SITUATION.

Sources:

FAQs | RetirePath Virginia (retirepathva.com)

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