Virginia's RetirePath Expands to Cover 350,000 More Workers After Threshold Lowered
Virginia's state-run retirement savings program marked National Retirement Security Month on October 8 with an update on its expanded reach, according to a GlobeNewswire release from Richmond.
RetirePath Virginia, the state-facilitated auto-IRA program, was expanded under House Bill 176 and Senate Bill 149, signed by Gov. Abigail Spanberger and effective July 1. The law lowered the employer threshold from 25 full-time employees to businesses with five or more employees, including part-time workers — newly covering more than 350,000 workers.
Under the program, employees are automatically enrolled in a Roth IRA funded through payroll deductions, with the ability to opt out. Employers with 10 to 24 employees faced a registration deadline of September 30, while businesses with 5 to 9 employees must register by October 30, 2026.
State officials say the expansion targets the coverage gap: workers whose employers offer no retirement plan are far less likely to save for retirement on their own.
Published by GSM · USA (original Chinese edition)
Photo: 弗吉尼亚州议会大厦（里士满），图片来源：Wikimedia Commons（CC BY-SA 4.0）
