Having a retirement plan is a great start — but it doesn’t always mean you’re fully compliant with your state’s retirement mandate. Here’s what you need to verify.
Common Compliance Gaps
Even employers who already sponsor a 401(k) or other qualified plan can face issues if they haven’t completed all required steps:
- State Registration: Many states require you to formally register your exemption, even if you already have a plan. California, for example, requires CalSavers exemption certification.
- Auto-Enrollment Requirements: Some states mandate auto-enrollment features. If your plan doesn’t include automatic enrollment, you may not be fully compliant.
- Employee Eligibility: Your plan must cover all eligible employees as defined by your state — not just full-time workers.
- Annual Filings: Missing Form 5500 or state-specific annual reports can trigger compliance issues.
Is Your Plan Optimized?
Beyond compliance, many employers miss significant tax savings available through SECURE 2.0 and proper plan design:
Frequently Asked Questions
I have a SEP IRA — am I compliant?
In most states, yes. A SEP IRA is a qualified plan that satisfies the mandate. However, you may still need to register your exemption with your state’s program.
My plan was set up years ago. Should I review it?
Definitely. SECURE 2.0 (passed in 2022) created new tax credits and changed many plan rules. A review could uncover thousands in savings and ensure you meet current requirements.
Can I reduce my plan costs without losing benefits?
Often yes. Many employers overpay for plan administration. A competitive review can identify better providers with lower fees and better investment options.
Get a Free Plan Review
We’ll review your current plan for compliance gaps and optimization opportunities — at no cost.
My credential is in retirement plan fiduciary standards — which means I am professionally and ethically obligated to give you accurate information, not advice that benefits me.
In 15 minutes you will know your exact fine exposure, your SECURE 2.0 credit eligibility, and every option available to you — including ones that have nothing to do with my services.
Then you decide. No follow-up pressure. No obligation. Ever.
leadconnectorhq.com/widget/booking/EFRgMSS1pASKEbTwVncF” target=”_blank” rel=”noopener” style=”display:inline-block;background:#FF6B00;color:#fff;padding:14px 36px;border-radius:8px;text-decoration:none;font-weight:700;font-size:16px;”>Book Complimentary Review →