Survey: State Requests Your Input on Retirement Options for Small Businesses

Date: September 26, 2020

Virginia529 is surveying Virginia employers to gauge the level of interest in participating in a state-facilitated private retirement option. Your opinion is very important to them and will be represented as part of the market survey of employers in the Commonwealth – click on the Employer Survey link below to begin. 

Employer Survey

BackgroundHB 775 which was approved by the General Assembly and Governor Northam directs the Virginia College Savings Plan (“Virginia529”) to study programs that encourage Virginians to save for retirement and to recommend potential solutions.  

According to a 2018 retirement savings study published by the Christopher Newport University Wason Center for Public Policy, 53% of all employees in Virginia lack a retirement plan. Of this population, 84% do not have a retirement plan because their employer does not offer one. An earlier study conducted by the Virginia Retirement System suggested a work-based retirement option tends to be an effective method of encouraging savings, particularly among those who are not currently covered under an employer-sponsored plan.

As of September 2020, thirteen states offer state-facilitated private retirement options for employers who do not currently offer a retirement savings option. Virginia529 will examine existing programs, provide an assessment of model options, present employer and employee perspectives on the plan concept, assess start up and feasibility costs and deliver a final report of findings and recommendations to the General Assembly no later than December 15th, 2020.   

 

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