Virginia’s state retirement savings program
Virginia is expanding its retirement mandate in 2026 to include all businesses with five or more employees. Are you ready?If you’re advising clients in Virginia, or running a business yourself, ePlan Services is here to help you understand the state’s requirements and help you set up a 401(k) plan in 24 hours.
What to know about RetirePath Virginia
RetirePath is Virginia’s retirement savings program. Here are the basics:
- Program Status: Active
- Employer Participation: Mandatory
- Program Type: Roth IRA
- Penalty: $200 per employee per year
- Employer Requirements: Employers with five or more employees (starting October 30, 2026) that do not currently sponsor a qualified retirement plan
- State Website: RetirePath Virginia opens in a new tab
ePlan Services vs. RetirePath Virginia
See how Virginia’s retirement savings program measures up against an ePlan Services 401(k)
Potential for up to $5,000 start up credit and $500 automatic enrollment credit for 3 years, plus available employer contribution credit of up to $1,000 per employee
IRAs do not qualify
Yes
Matching is not permitted
Yes
Individual accounts
Yes
Restricted options
$24,500
+ $8,000 (age 50-59, 64+) or $11,250 (age 60-63) in catch-up contributions
$7,500
+ $1,100 in catch-up contributions (age 50+)
Meet your regional wholesaler
Quick and easy plan setup
Plan setup can be easily completed online so you can focus on helping more clients.
Higher contribution rates
401(k) retirement accounts have higher contribution limits than IRAs—putting more in your clients’ pockets down the road.
Potential tax breaks
SECURE Act offers tax credits to employers who start plans, add an auto-enrollment feature, or make contributions.
A Financial Advisor’s Guide to State-Administered Retirement Plans
Millions of private-sector workers across the United States do not have access to a retirement savings account and, to address this crisis, several states have implemented state-administered retirement plans. What does this mean for you? It means that, as a trusted financial advisor, your clients are going to need your help selecting and enrolling in a retirement plan that will suit the needs of their business.
