Some states have created state-run retirement plans in which businesses must enroll their employees unless they maintain their own qualified retirement plan (there are some exemptions). California’s deadline for enrollment for employers with 5 to 50 employees (or opt out with their own plan) is in one week: June 30, 2022. Illinois’s deadline for employers with 16 to 24 employees is November 1, 2022 (November 1, 2023, for those with 5 to 15 employees). Check your state for applicability. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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