Employers

Participating in the HRSP is a simple way to meet state mandates while offering a valuable retirement savings option to your employees.

• No employer contributions required: You are not required to make matching or other contributions to your employees’ accounts.
• Limited administrative responsibility: Your main tasks are to provide employees with the required information, withhold employee contributions, and remit those funds to the program.
• Exemption for existing plans: If you already offer a qualified retirement plan to your employees, you are exempt from the program.
• Penalty for non-compliance: Failure to comply with the program’s requirements could result in financial penalties.