Set up state retirement plans in QuickBooks Workforce

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period

Effective 6/30/2022, all businesses with 5 or more employees (Full-time or part-time) if at least one is 18 or older

Deadlines are based on your average number of employees throughout the prior calendar year

Initial notice to comply

If you fail to comply after 90 days, $250 per eligible employee penalty

If you fail to comply after 180 days, an additional penalty of $500 per eligible employee

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

First, register your business and set up your employees on the agency website

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

Employers who are not already providing a qualified retirement plan

Employers with 50 or more employees must register by 3/15/2023

Employers with 15-49 employees must register by 5/15/2023

Employers with 5 to 14 employees must register by 6/30/2023

If you fail to comply for one year after the due date for enrollment, a penalty of $100 per eligible employee will be assessed.

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

Any business that employed five or more employees in Connecticut on October 1st of the previous calendar year, and;

It paid at least five employees $5000 or more in taxable wages in the previous calendar year, and;

It does not currently provide a qualified, employer-sponsored retirement savings plan

Deadlines to enroll vary based on total amount of employees for a business

If a business falls out of compliance and fails to register, an investigation could occur and there may be penalties

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

All businesses with five (5) or more employees (Full-time or part-time) who were established before 7/1 of the previous calendar year and don’t offer an existing retirement plan

The deadline to register is October 15, 2024

The state may assess penalties up to $250 per eligible employee annually

Basic Roth IRA

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period

State law requires every Illinois employer with 5 or more employees to offer their own retirement program or use the Illinois Secure Choice program

If you don’t follow the Illinois Secure Choice Savings Program Act, you’ll be subject to fines and penalties as described in 820 ILCS 80/85. Enforcement for non-compliant employers with 25 or more employees will begin in 2022.

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

Your business is registered to conduct business in the state of Maine

You have at least five W-2 employees

You have been in business for two or more years; and

You don’t currently offer a qualified retirement savings program to your employees

Deadlines to enroll vary based on the total amount of employees for a business

If a business falls out of compliance and fails to register, an investigation could occur and there may be penalties

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

First, register your business and set up your employees on the agency website

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

Employers who are not already providing a qualified retirement plan

If you're running a business in Maryland and have at least one employee on payroll, you need to comply with the state's requirements. This applies to all businesses that use an automated payroll system and have been in operation for at least two years

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period

Eligible small non profit organizations that choose to adopt the plan

Employers must be non profit organizations, with less than 20 total employees

There are no failure to enroll penalties for this program

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

All businesses with 25 or more employees (Full-time or part-time) who have been in business for two or more years and don’t offer an existing retirement plan

Registration deadline:

Deadlines to enroll vary based on the total amount of employees for a business

Failure to register may result in a fine of up to $500 per eligible employee

Failure to submit contributions may result in additional financial penalties

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period

All businesses with ten (10) or more employees (full-time or part-time) who have been in business for 2 or more years do not already offer a qualified retirement plan to their employees.

Beginning in June 2025, the pilot program will open for registration to interested employers.

Full launch of the program is still under development.

Basic Roth IRA

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

The law requires all Oregon employers to use OregonSaves if they don't offer a traditional retirement plan for their employees.

Employers that are out of compliance may be subject to enforcement action, including penalties and fines.

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

First, register your business and set up your employees on the agency's website.

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

All businesses with five (5) or more employees (full-time or part-time) who have been in business for 2 or more years and do not already offer a qualified retirement plan to their employees.

The program launched in the Fall of 2024.

Failure to comply may result in a $10 penalty per employee imposed by the state. If non-compliance continues, the fee will rise to $20 in the following year, and after three years, the penalty will increase to $75 per employee.

Basic Roth IRA retirement plan

Contributions to a Roth IRA are made with after-tax money and grow tax-free

Qualified withdrawals are also tax-free

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

Starting July 1, 2026, the employee threshold for businesses will be reduced to 5 or more employees (from the current 25 or more). All businesses with 25 or more employees (Full-time or part-time) who have been in business for 2 or more years and don’t offer an existing retirement plan.

For businesses eligible in 2024, the RetirePath registration deadline is October 30, 2024.

The registration deadline has passed for employers eligible in 2023. To stay in compliance, eligible employers should sign up as soon as possible.

The state may assess penalties up to $200 per eligible employee annually

Various retirement plans are offered through an agency sponsored retirement marketplace

Contributions are made either pre-tax or after-tax, depending on the solution your business chooses.

If your employees don’t opt out, you’ll deduct a certain percentage from their paychecks

Send your payroll details to the agency after each pay period (integration available for QuickBooks Online users)

Any small business looking for low-cost retirement plans as offered through the agency marketplace.

There is no deadline as this is not mandated for employers, but simply an offering to help small businesses provide retirement options for their employees

Go to Payroll, then select Employees (Take me there).

Select your employee.

From Deductions & contributions, select Start or Edit.

Select + Add deduction/contribution.

From the dropdown menu, select:

Add a Description (use these exact names so the item appears on the state-mandated report):

Choose how you'd want to deduct the amount: Flat amount or percentage of gross. Then enter the amount or percentage.

You can also add an Annual maximum(Optional).

When finished, select Save then Done.

Go to Lists and select Payroll Item List.

Select Payroll Item, then select New.

Select Custom setup, then select Next.

Select Deduction, then Next.

Enter the name as follows so this shows up on your State Retirement Plan report:

Select Next.

Choose or enter the agency for your retirement plan, enter your account number, and choose a liability account for tracking  (optional). Then select Next.

Select Next on the next 4 windows (don’t change anything).

Then select Finish, then OK.

Select Employees, then Employee Center.

Open your first employee.

Select Payroll Info.

From Additions, Deductions and Company Contributions, in the item name column select the dropdown.

Select your retirement item.

Enter an amount or percentage.

Select OK.

Repeat steps 2–7 for each employee participating in the plan.

Go to Reports (Take me there).

Select Employees & Payroll, then State Mandated Retirement.

Go to Reports, then select Employees & Payroll.

Scroll down to State Retirement Plans.

Adjust the Date Range as needed, then select your state from the dropdown.

You can export the report into an Excel file.

Open the Excel report and verify the info is correct.