No, if you offer an employer-sponsored retirement plan to any of your employees, you will file a certificate of exemption and you will not need to facilitate the program.
Articles in this section
- Do all employers have to facilitate the program?
- Which employers are eligible to participate in the program?
- What if I already offer a qualified retirement plan?
- What is considered a qualified, employer-sponsored retirement plan?
- What if a business or nonprofit doesn't register for the program as required by law?
- I already offer a 401(k) or similar plan to some employees but not all. Do I have to offer this program too?
- Do payroll deduction IRAs count as a qualified, employer-sponsored retirement plan?
- Do I need to facilitate the program if I have only a small number of employees?
- What happens if a participating business or nonprofit falls below the program eligibility threshold eligible employees?
- If I offer the program to my employees now and then decide to offer a qualified retirement plan later, what do I do?
Related articles
- What is considered a qualified, employer-sponsored retirement plan?
- If an employer offers a retirement plan that excludes part-time employees, is the employer able to join the Minnesota Secure Choice Retirement Program to cover the part-time employees?
- What if a business or nonprofit doesn't register for the program as required by law?
- What if I already offer a qualified retirement plan?
- Can employers cancel their employer-sponsored retirement plans and offer this instead?