Minnesota businesses must now offer employee retirement accounts
The law establishing the Minnesota Secure Choice Retirement Program was passed on May 18, 2023. This law requires businesses with five or more W2 employees to offer retirement accounts to their employees. Employers not complying with this mandate may be subject to civil penalties.
Remove all the complexity
Setting up a 401k for your business can be daunting, but with Consilium Plus, you don't have to worry. Our high-tech solution can be seamlessly integrated and takes care of compliance headaches, allowing you to spend time building your business.
We take care of everything
Consilium Plus will handle the entire process from start to finish. Our solution is a low-cost, high-touch, streamlined process that ensures your company is compliant and your employees are thrilled with how easily they can watch their nest egg grow.
Businesses that offer a 401k see:
*Please consult your CPA for actual tax deductions for your business.
**The statistics come from articles and research by Wolters Kluwer on the Popularity of 401k Plans. Betterment’s Analysis on Employer Match Benefits, Benzings’s reporting on Employer Match Rates, and BLS data.
Frequently asked questions
The launch date is scheduled for mid-to-late 2025, and the implementation will occur over a two-year timeframe.
Yes, if your business has five or more full or part-time W-2 employees at least 18 years old.
Employers are not required to contribute to the employee’s retirement savings.
Employees are not required to participate in the 401k plan and can opt-out if they prefer not to enroll.
Yes, it is mandatory if you have five or more W2 employees.
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