The Delaware EARNS act will be implemented on January 1st, 2025
- Ebony A. Brady
- May 29, 2023
- 1 min read
Good day. I hope all is well. Ebony is setting appointments in Delaware and would like to see if you had a few minutes for an intro meeting. We are helping small businesses learn about their 401(k) and retirement options.
New Jersey, New York and Maryland are three states that now require mandatory retirement plans for certain small businesses. Delaware is following suit. During the meeting details will be shared on the current state laws and what Delaware EARNS will look like.
Please set an appointment with me and we will coordinate with my managing expert.
Employers with five or more employees will be required to enroll in Delaware EARNS or a qualifying alternative. The program will be an payroll deduction Auto-IRA. Delaware passed House Bill 205 in May and was signed into law by the governor, John Carney, on August 18th, 2022.
What is the Delaware earns program?
In Delaware, as many as 200,000 employees lack access to an employer-sponsored retirement plan. To address this growing issue, Rep. Larry Lambert has worked with our State Treasurer to introduce the Delaware EARNS program. This act would create a state-sponsored savings plan, funded by employees, empowered by employers, and overseen by the State.
How many Delaware workers don't have an employer-sponsored retirement program?
More than 200,000 Delaware workers currently lack access to an employer-sponsored retirement program, meaning they have no effective way to save for the future.
