A deadline is fast approaching for employers to register for Delaware EARNS.
Delaware employers have until Wednesday, October 15 to either register or certify exemption from Delaware EARNS – the state’s small business retirement savings program.
Businesses and nonprofits with five or more employees that currently don’t offer a retirement plan must sign up for the program.
“The good news is, there is a huge amount of help for employers, small businesses, small nonprofits, we’re really eager to make this as easy as possible. We just want people to be aware, and to take action. Probably the easiest thing to do is go to the website earnsdelaware.com, and employers will be able to see just how easy it is to facilitate this program, help people save. But we do want people to be aware that we’re coming up on an important deadline,” said Ted Griffith is Delaware EARNS program director.
Griffith notes if the deadline isn’t met, there are potential penalties and fines.
He stresses that’s not the goal of the State Treasurer’s office because that doesn’t facilitate providing retirement savings programs to those who don’t have them.
But Griffith says many businesses already have signed up for the program.
“We have been actually very, very pleased with the uptick, it’s actually been stronger than we would have hoped,” said Griffith. “At this point we believe about 8000 employers statewide, that could be subject to earns, and we’ve seen better than 70% of those take the appropriate action.”
Since July 1, 2024, the program has collectively saved more than $6 million with an average of nearly $900 per account.
