RetirePath Virginia Marks First Anniversary with 10,000 Accounts
The Commonwealth said it has more people saving for their retirement thanks to RetirePath Virginia. In the program’s first year, 10,000 private-sector workers automatically contributed a portion of their paycheck to their own Individual Retirement Account (IRA) – collectively saving close to $5 million.
RetirePath gives eligible employers a simple way to help their employees save for the future, with no employer fees, no fiduciary responsibility, and minimal administrative requirements. Under state law, Virginia businesses with 25 or more eligible employees and operating for more than two years are required to either register for RetirePath or offer their own qualified retirement plan.
About 1,000 Virginia employers registered for RetirePath in the program’s first year, according to the Commonwealth.
