This program isn't intended to replace employer-sponsored retirement plans, which have many important benefits. For example, 401(k) plans have higher employee contribution limits and allow for employer matching contributions, unlike Minnesota Secure Choice.
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 if I already offer a qualified retirement plan?
- When will employers be required to join the Minnesota Secure Choice Retirement Program?
- 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?
- If I have employees in multiple states, including Minnesota, do I just facilitate the State's program for employees in Minnesota?
- Are there any fees for employers to facilitate the program?