Minnesota Secure Choice is in phased rollout for employers with 5+ employees. Minneapolis and Saint Paul businesses should begin preparing now to avoid penalties.
Get Your Free Minnesota Compliance Audit →Minnesota Secure Choice is Minnesota's state-mandated retirement savings program. Minnesota Secure Choice is in phased rollout for employers with 5+ employees. Minneapolis and Saint Paul businesses should begin preparing now to avoid penalties.
Employers who already offer a qualifying private retirement plan — such as a 401(k), SEP IRA, or SIMPLE IRA — are exempt from Minnesota Secure Choice requirements.
Learn more at the official state portal: https://mn.gov/commerce/secure-choice
Option 1 — Enroll in Minnesota Secure Choice: Register through the state portal and facilitate payroll deductions. This fulfills the mandate but doesn't maximize tax savings.
Option 2 — Set up a private plan (recommended): A qualifying 401(k), SEP IRA, or SIMPLE IRA exempts you from the mandate AND qualifies you for up to $15,000 in SECURE 2.0 Act tax credits over 3 years.
Key difference: A private plan belongs to your company. CalSavers/state plans do not. Private plans also attract and retain better employees.
The SECURE 2.0 Act (2023) gives small business owners massive tax credits for starting a retirement plan:
✅ Up to $5,000/year for 3 years for plan startup costs
✅ $1,000 per employee/year for employer contributions (up to 50 employees)
For many Minnesota small businesses, this makes a private 401(k) free or nearly free — while exempting you from Minnesota Secure Choice requirements entirely.
Minnesota Secure Choice is currently in phased rollout, with full enforcement expected for employers with 5+ employees.
Penalty amounts are being finalized. Similar programs in other states range from $100-$500 per employee per year.
Set up a qualifying private retirement plan now. This exempts you from the mandate and may qualify you for SECURE 2.0 tax credits.
Find out exactly what Minnesota Secure Choice means for your business — and whether a private plan saves you more money than enrolling in the state program.
Book Your Free 15-Minute Audit →