Cary Street Partners recognized by USA TODAY for second consecutive year.  |  Read More

A group of corporate employees talking about RetirePath Virginia.

RetirePath Virginia Highlights

The State of Virginia is implementing a mandatory state-facilitated retirement plan for all employers who meet specific criteria. The initial stages for the RetirePath program begin on July 1, 2023. We have compiled some of the essential highlights for you below.

What is it?

RetirePath is an employer-sponsored IRA solution with automatic Roth deferrals put in place by the Commonwealth of Virginia. (Traditional IRA option is available.)

Which Employers need to register?

All employers in Virginia that meet the eligibility requirements below:

  • Companies operating for two or more years and do not currently offer a SEP, SIMPLE or 401(k)
  • Companies with 25 or more eligible employees

Employee eligibility

  • Employees 18 years and older who work at least 30 hours a week
  • Employees may opt out of the program

When CAN companies register for RetirePath Virginia?

  • Businesses can proactively register as of July 1, 2023. The first notifications are being sent on June 20 to more than 8,000 eligible Virginia businesses.
  • Employers will receive a series of emails and letters that include a unique access code, registration deadline and instructions. You can find registration and additional information at
  • Virginia law requires eligible employers to register or certify their exemption with proof of their employee retirement savings plan by February 15, 2024. If businesses fail to respond before the registration deadline, they could face an annual penalty of up to $200 per eligible employee.

Inherent Challenges with the Program

All contributions will default to Roth (after-tax) IRA deferrals. However, Roth contributions have phase-outs above specific income limits. (I.E., Single filers with adjusted gross income above $83,000 cannot make a Roth contribution and married couples filing jointly phase out at $136,000 adjusted gross income.) It is your responsibility to determine if you qualify for the Roth option. Contributions will default to a Roth IRA; however, savers have the option to recharacterize their contributions to a traditional IRA.

For assistance, contact a tax adviser.

Employer Options

Small business owners who do not already offer an employer-sponsored retirement plan have options to create customized retirement plans to meet employer and employee needs. Also, the SECURE Act 2.0 has created tax credits that can offset start-up costs and employer contributions to a retirement plan. For example, employers with less than 50 employees can receive up to $5,000 in credits toward start-up costs. Additional credits are available to offset employer-matching contributions.


Design a plan to meet your business needs.

Contact our retirement services professionals for more information today.

Raymond James (R.J.) Reibel
Financial Advisor, Retirement Benefits, Director
Call | Email


Paula Megan, CFP®
Client Relationship Manager, Retirement Benefits, Assistant Vice President
Call | Email



Cary Street Partners is the trade name used by Cary Street Partners LLC, Member FINRA/SIPC; Cary Street Partners Investment Advisory LLC and Cary Street Partners Asset Management LLC, registered investment advisers.

Information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of securities, or information about the market, as indicative of future results.

These materials are furnished for informational purposes only. Materials have been compiled from sources believed to be reliable; however, Cary Street Partners does not guarantee the accuracy or completeness of the information presented. Such information is not intended to be complete or to constitute all the information necessary to evaluate adequately the consequences of investing in any securities, financial instruments, or strategies. Nothing contained herein should be considered a solicitation to purchase or sell any specific securities or investment related services.

Any statements or opinions expressed here are those of the author and may not represent the opinion of Cary Street Partners. These are statements of judgment as of a certain date and are subject to future change without notice. This information may contain future predictions that are subject to certain risks and uncertainties, which could cause actual results to differ from those currently anticipated or projected.

IRAs, 401(k)s and other retirement plans may have fees associated with them in addition to the costs associated with investing the assets of the retirement plan. These fees may include but are not limited to annual account fees; administrative fees that may include recordkeeping of the plan; legal fees; accounting fees; and termination fees. Please consult with your advisor or plan sponsor to learn more about the fees associated with a particular plan.

Cary Street Partners does not render legal, accounting or tax advice. Please consult your tax or legal advisors before taking any action that may have tax or legal consequences. CSP2023102

Start a Conversation
with a Financial Advisor