must offer 401K

[SSRRS]

Hi,

Was the bill that was going to mandate all employers to offer a 401k Plan to their employees finalized? Thank you very much.

[Lou S.]

Not that I'm aware of.

There was a provision in the reconciliation bill that I don't believe passed that would have mandated auto ROTH-IRA enrollment with annual escalation for employers with 5+ employees beginning in 2023.

Some states, like CA have a mandatory auto IRA enrollment unless you offer a qualified retirement plan.

I'm not aware even of a proposed bill had mandatory 401(k), though Secure (that did pass) and Secure 2.0 that has not yet passed both effected or would effect how 401(k) plans will operate going forward.

[SSRRS]

Thank you Lou. Yes, indeed there is no 401K law. I confused it with the New York State Secure choice. Where  workers will be enrolled in the state-facilitated Secure Choice Savings Program in an automatic enrollment payroll deduction IRA. Only for employers with 10 plus employees,  are in business for at least 2 years,  and that don't offer a plan already. This IRA program seems to have been implemented? Thank you.