State law requires eligible employers to participate in RetirePath Virginia if they do not offer a retirement savings plan for employees. RetirePath is a simple way for employers to provide a retirement savings option to their employees, with no employer fees or fiduciary responsibilities.
However, RetirePath is not meant to replace or compete with employer-sponsored plans, which have advantages. For example, 401(k) plans have higher contribution limits and allow for employer match contributions, unlike RetirePath.