What Is the New Virginia Saves or Retirement Path Plan?

The Virginia State legislature passed a law in 2021 that all companies that have more than 25 employees, who have been in business for more than two years, and who have employees who work more than 30 hours a week have to provide a retirement program. This can be done through the new Virginia Retirement Path program or it can be done by starting your own. By starting your own retirement plan you will be able to provide your employees with a match on deferrals AND your employees will be able to save for retirement tax free! You can help facilitate your employees participating in the VA plan through the Commonwealth of Virginia.

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