State law requires employers that don’t offer their own qualified, employer-sponsored retirement savings plan to register and facilitate RetirePath Virginia. Qualified retirement plans include those under section 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b) of the Internal Revenue Code (IRC). Payroll deduction individual retirement accounts (IRAs) are not considered qualified retirement plans.
Employers that already offer a qualified plan and receive a registration notice can certify an exemption.