State-Sponsored Retirement Programs

As states continue to propose or enact legislation mandating workplace retirement plans and corresponding state-sponsored retirement programs, it is important for employers to be aware of any reporting obligations that may exist. Certain states require employers to submit documentation acknowledging that they offer a qualified workplace retirement plan. States may have different requirements and legal definitions regarding employers and qualified plans. Businesses may also have reporting requirements if they have employees working in a state with a mandate, even if the employer does not have a physical location in that state. We encourage all employers to consult with their legal counsel to determine if their business may be affected by any enacted or proposed state-sponsored retirement program legislation.