Delaware News

Delaware EARNS Exceeds $1 Million in Retirement Savings

Office of the State Treasurer | State Treasurer Colleen C. Davis | Date Posted: Monday, February 10, 2025



Program for small business employees reaches milestone in less than seven months

Delaware State Treasurer Colleen Davis announced Monday that Delaware EARNS – a state-sponsored retirement savings program for workers whose employers don’t offer a workplace retirement plan – has rocketed past $1 million in total assets in just seven months since its inception in July 2024.

“Saving for retirement has always been a challenge for workers whose employers don’t offer an IRA or 401(k), and we’re proud to have more Delawareans signing up for EARNS and funding their accounts every day,” said Treasurer Davis. “It’s exciting to see monthly contributions rising significantly as more people settle into the rhythm of saving, and I’m grateful to the EARNS team, our partners at Vestwell State Savings, and the employers who have registered for helping us have such a successful launch.”

As of Feb. 1, EARNS savers had accumulated nearly $1.4 million across 4,590 funded Roth IRA accounts and 1,596 registered employers across the state. As more employers and employees have onboarded to the program, its growth has accelerated, with total assets having nearly tripled since Dec. 1.

“This initiative has been a dream come true,” said LaVante’ Dorsey, owner of LaVante’ N. Dorsey & Associates, which offers mental health services. “As a small business owner, I always wanted to offer retirement savings for my employees, but I couldn’t afford to do it before. Now I’m enrolled in EARNS along with three of my employees, and it’s a stress reliever for all of us to know that money is being set aside.”

EARNS and its staff have already received plaudits from retirement experts, as Program Director Ted Griffith was recognized in January with a 2025 Best of the State Spotlight Award by Georgetown University’s Center for Retirement Initiatives.

“Our early success is a reflection of the great teamwork in our office, starting with the leadership of Treasurer Davis,” said Griffith, who has led EARNS since April 2023. “Looking ahead, we’re excited about further expanding the reach of Delaware EARNS. We anticipate this strong growth to continue, and we’re projecting the program to reach 10,000 savers and $10 million in assets before the end of this year.”

Employers who have not yet enrolled in EARNS can still do so at EARNSDelaware.com – a fast, easy process with no cost to the employer that lets their workers make automatic payroll contributions to a Roth IRA. While the program is designed to benefit employees, Delaware businesses gain from it as well by offering a benefit that helps attract and retain high-quality workers. Private-sector Delaware employers are required by state law to facilitate Delaware EARNS if they have five or more W-2 employees and do not offer a retirement plan.

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

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Delaware EARNS Exceeds $1 Million in Retirement Savings

Office of the State Treasurer | State Treasurer Colleen C. Davis | Date Posted: Monday, February 10, 2025



Program for small business employees reaches milestone in less than seven months

Delaware State Treasurer Colleen Davis announced Monday that Delaware EARNS – a state-sponsored retirement savings program for workers whose employers don’t offer a workplace retirement plan – has rocketed past $1 million in total assets in just seven months since its inception in July 2024.

“Saving for retirement has always been a challenge for workers whose employers don’t offer an IRA or 401(k), and we’re proud to have more Delawareans signing up for EARNS and funding their accounts every day,” said Treasurer Davis. “It’s exciting to see monthly contributions rising significantly as more people settle into the rhythm of saving, and I’m grateful to the EARNS team, our partners at Vestwell State Savings, and the employers who have registered for helping us have such a successful launch.”

As of Feb. 1, EARNS savers had accumulated nearly $1.4 million across 4,590 funded Roth IRA accounts and 1,596 registered employers across the state. As more employers and employees have onboarded to the program, its growth has accelerated, with total assets having nearly tripled since Dec. 1.

“This initiative has been a dream come true,” said LaVante’ Dorsey, owner of LaVante’ N. Dorsey & Associates, which offers mental health services. “As a small business owner, I always wanted to offer retirement savings for my employees, but I couldn’t afford to do it before. Now I’m enrolled in EARNS along with three of my employees, and it’s a stress reliever for all of us to know that money is being set aside.”

EARNS and its staff have already received plaudits from retirement experts, as Program Director Ted Griffith was recognized in January with a 2025 Best of the State Spotlight Award by Georgetown University’s Center for Retirement Initiatives.

“Our early success is a reflection of the great teamwork in our office, starting with the leadership of Treasurer Davis,” said Griffith, who has led EARNS since April 2023. “Looking ahead, we’re excited about further expanding the reach of Delaware EARNS. We anticipate this strong growth to continue, and we’re projecting the program to reach 10,000 savers and $10 million in assets before the end of this year.”

Employers who have not yet enrolled in EARNS can still do so at EARNSDelaware.com – a fast, easy process with no cost to the employer that lets their workers make automatic payroll contributions to a Roth IRA. While the program is designed to benefit employees, Delaware businesses gain from it as well by offering a benefit that helps attract and retain high-quality workers. Private-sector Delaware employers are required by state law to facilitate Delaware EARNS if they have five or more W-2 employees and do not offer a retirement plan.

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.