In 2021 The Virginia General Assembly passed legislation directing Virginia 529 to establish a state-facilitated retirement savings program called RetirePath. The reason behind this is simply that the majority of Americans are not saving enough money for Retirement.
In fact, 45% of the commonwealth workforce does not have access to a retirement savings plan at work.
Starting July 1st this summer, employers with 25 or more eligible employees will be required to have some form of retirement savings through payroll at work.
The RetirePath program will be free to those employers that choose to participate. However, with the new tax credits for startup retirement plans coming out of Secure Act 2.0 this past December, this may be a great time to look at the different options that are available for you and your business.
For more information and or to review your retirement plan options, please contact Dennis Tender at DP Grow at DTender@DP-grow.com or 804-221-3908
Join us on Tuesday, June 27th to join our upcoming webinar DP Discover: Unlocking Retirement Success with DP Grow to learn more about DP Grow and how it can benefit both your company and employees. Click here to secure your spot!