Delaware News


Delaware EARNS Registration Deadline Approaching

Featured Posts | Office of the State Treasurer | State Treasurer Colleen C. Davis | Date Posted: Wednesday, October 2, 2024


Delaware EARNS Logo

Early adopter of the retirement savings program shares the benefits her employees and business have already experienced.

The deadline for employers to register for the Delaware EARNS program is just two weeks away. All Delaware employers are required by state law to register for Delaware EARNS by Oct. 15, 2024, if they have five or more W-2 employees and do not currently offer a retirement plan. The Office of the State Treasurer has ensured that the registration process and implementation of the program are quick and convenient for businesses.

“We’re extremely grateful to everyone who has helped us spread the word about the Delaware EARNS program,” said State Treasurer Colleen C. Davis. “I’ve been committed to this program for years, and I’m so proud to hear the positive feedback we’ve received from employers and employees who have already begun implementing the program. We look forward to continuing to offer Delaware EARNS to many Delawareans, ensuring they feel secure with their retirement.”

A recent AARP survey found that 20% of adults ages 50 and older have no retirement savings, and more than half (61%) are worried they will not have enough money in retirement. In Delaware, nearly 40% of private-sector employees do not have access to retirement savings through work. To help solve this problem, the Office of the State Treasurer launched the Delaware EARNS retirement savings program on July 1, 2024, after finding that workers are 15 times more likely to save when they are given access to plans like Delaware EARNS.

“We had been in touch with several companies for a few years in an effort to create policies and plans that would offer a retirement savings plan to our employees,” said Toni Dickerson, administrator at Sussex Preschools and chair of the Child Care Association of Sussex County, and an early adopter of Delaware EARNS. “Our staff is grateful! Many of them had considered leaving the field to find employment with an existing retirement savings plan, so this was much needed.”

When employers register with the Delaware EARNS program, they help their employees establish a financially secure future, with easy, automatic payroll contributions to a Roth IRA — all at no cost to the employer. While the program aims to benefit employees, it is also helps Delaware businesses attract and retain high-quality workers, ensuring a bright future.

“I was a little intimidated when Delaware EARNS first launched. However, the staff members at the Office of the State Treasurer were incredibly helpful in making sure we felt confident rolling this out,” said Dickerson. “We applied for the program on the first day of enrollment in July, and by mid-August, our staff had already made their first round of contributions. It was easy to get everyone onboarded and set up — I was amazed. We onboarded all 40-plus staff in less than two hours.”

Vestwell State Savings is the program administrator for Delaware EARNS as well as similar programs in several other states, including Maryland, New Jersey, and Virginia.

“Business owners in Delaware have a great opportunity to bring retirement savings to their employees,” said Douglas Magnolia, President of Vestwell State Savings. “Through Vestwell’s partnership with Delaware EARNS, employers and employees in the state have access to an industry-leading savings platform, providing them with the ability to save for a secure financial future.”

If you’re a Delaware employer and have not registered for the Delaware EARNS program yet, here are the steps to get started:

  • Register your company at EARNSDelaware.com and follow the prompts.
  • Begin payroll deductions and submit contribution information and funding for employees who choose to participate in the program.
  • Continue processing payroll and maintain employee records.

Though the registration deadline is just two weeks away, there are still plenty of opportunities to learn more about the retirement savings program. Delaware EARNS Program Director Ted Griffith and State Treasurer Colleen Davis will host a webinar on Tuesday, Oct. 8, in partnership with AARP-Delaware. You can register for the webinar here.

For more information, visit EARNSDelaware.com or email EARNS@delaware.gov.

image_printPrint

Related Topics:  , , , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.

Delaware EARNS Registration Deadline Approaching

Featured Posts | Office of the State Treasurer | State Treasurer Colleen C. Davis | Date Posted: Wednesday, October 2, 2024


Delaware EARNS Logo

Early adopter of the retirement savings program shares the benefits her employees and business have already experienced.

The deadline for employers to register for the Delaware EARNS program is just two weeks away. All Delaware employers are required by state law to register for Delaware EARNS by Oct. 15, 2024, if they have five or more W-2 employees and do not currently offer a retirement plan. The Office of the State Treasurer has ensured that the registration process and implementation of the program are quick and convenient for businesses.

“We’re extremely grateful to everyone who has helped us spread the word about the Delaware EARNS program,” said State Treasurer Colleen C. Davis. “I’ve been committed to this program for years, and I’m so proud to hear the positive feedback we’ve received from employers and employees who have already begun implementing the program. We look forward to continuing to offer Delaware EARNS to many Delawareans, ensuring they feel secure with their retirement.”

A recent AARP survey found that 20% of adults ages 50 and older have no retirement savings, and more than half (61%) are worried they will not have enough money in retirement. In Delaware, nearly 40% of private-sector employees do not have access to retirement savings through work. To help solve this problem, the Office of the State Treasurer launched the Delaware EARNS retirement savings program on July 1, 2024, after finding that workers are 15 times more likely to save when they are given access to plans like Delaware EARNS.

“We had been in touch with several companies for a few years in an effort to create policies and plans that would offer a retirement savings plan to our employees,” said Toni Dickerson, administrator at Sussex Preschools and chair of the Child Care Association of Sussex County, and an early adopter of Delaware EARNS. “Our staff is grateful! Many of them had considered leaving the field to find employment with an existing retirement savings plan, so this was much needed.”

When employers register with the Delaware EARNS program, they help their employees establish a financially secure future, with easy, automatic payroll contributions to a Roth IRA — all at no cost to the employer. While the program aims to benefit employees, it is also helps Delaware businesses attract and retain high-quality workers, ensuring a bright future.

“I was a little intimidated when Delaware EARNS first launched. However, the staff members at the Office of the State Treasurer were incredibly helpful in making sure we felt confident rolling this out,” said Dickerson. “We applied for the program on the first day of enrollment in July, and by mid-August, our staff had already made their first round of contributions. It was easy to get everyone onboarded and set up — I was amazed. We onboarded all 40-plus staff in less than two hours.”

Vestwell State Savings is the program administrator for Delaware EARNS as well as similar programs in several other states, including Maryland, New Jersey, and Virginia.

“Business owners in Delaware have a great opportunity to bring retirement savings to their employees,” said Douglas Magnolia, President of Vestwell State Savings. “Through Vestwell’s partnership with Delaware EARNS, employers and employees in the state have access to an industry-leading savings platform, providing them with the ability to save for a secure financial future.”

If you’re a Delaware employer and have not registered for the Delaware EARNS program yet, here are the steps to get started:

  • Register your company at EARNSDelaware.com and follow the prompts.
  • Begin payroll deductions and submit contribution information and funding for employees who choose to participate in the program.
  • Continue processing payroll and maintain employee records.

Though the registration deadline is just two weeks away, there are still plenty of opportunities to learn more about the retirement savings program. Delaware EARNS Program Director Ted Griffith and State Treasurer Colleen Davis will host a webinar on Tuesday, Oct. 8, in partnership with AARP-Delaware. You can register for the webinar here.

For more information, visit EARNSDelaware.com or email EARNS@delaware.gov.

image_printPrint

Related Topics:  , , , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.