RetirePath Virginia

Virginia businesses must participate in offering a retirement option if you meet the following criteria:

Have been in business for at least two years
Had 25 or more employees in the previous calendar year
Do not already offer a qualified retirement plan to employees

REQUIREMENTS

Hold an annual open enrollment period

Deadline

July 1, 2023

PENALTY

Virginia employers are not under obligation to make contributions to a 401(k) plan if offered.

However, employers who do not offer retirement options for their employees face a penalty of $200 per eligible employee per year.

OPPORTUNITY

401GO can set up your company’s 401(k) plan in as little as 20 minutes and can integrate with your payroll provider.
You can also offer a Roth IRA from 401GO to your employees.

RetirePath Virginia

Virginia businesses must participate in offering a retirement option if you meet the following criteria:

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