MINNESOTA STATE RETIREMENT MANDATE
Find a Retirement Plan That Works for Your Business
Minnesota employers have retirement savings deadlines approaching in 2026 and 2027. Don't wait until your deadline arrives. Explore retirement plan options that can help attract and retain employees, support your employees’ retirement savings goals, and provide added value for your business.
Do you need to take action?
Your business may be required to offer a retirement plan if it:
Has five or more employees receiving Minnesota taxable wages
Has been in business at least 1 year
Does not currently offer a qualifying employer-sponsored retirement plan
Minnesota registration deadlines are based on employer size:
100+ employees: June 30, 2026 (passed)
50–99 employees: December 31, 2026
25–49 employees: June 30, 2027
10–24 employees: December 31, 2027
5–9 employees: June 30, 2028
If you already offer a qualifying employer-sponsored retirement plan, you may be eligible to certify an exemption from Minnesota Secure Choice. If you don't, now is a good time to explore your options.
You have choices beyond Minnesota's state-run IRA. Qualifying employer-sponsored retirement plans may offer additional flexibility and features for your business and employees. Compare your options to find a plan that fits your goals.
Looking for a quick overview? Download the Minnesota retirement mandate guide.
Benefits that go beyond the mandate
Offering a retirement plan can help you meet more than a state requirement. It can also create value for your employees and your business.
Attract and retain employees
Unlock potential tax savings for your business
Enhance your benefits package
Help offset plan costs through potential tax credits
Support long-term growth
See how plans compare
View retirement plan features side by side to see which solution may be the ideal fit for your business.
Feature | State-Run IRA | 401(k) | PEP | SEP IRA | SIMPLE IRA |
|---|---|---|---|---|---|
Meets Minnesota requirement | X | X | X | X | X |
Employer contributions | X | X | X | X | |
Employee contributions | X | X | X | X | |
Higher savings limits | X | X | X | Limited | |
Flexibility to customize your plan | Low | High | Moderate | Moderate | Moderate |
Not sure where to start?
See which retirement plans make the most sense for your business size, goals, and budget.
Ready to take the next step?
An Ascensus retirement specialist can answer your questions and walk you through plan features, pricing, and next steps.
Complete the form, and our team will reach out within one business day. Need immediate assistance? Contact us directly.
Call our retirement specialists at 833-893-3233.