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Founded Year

2002

About The Beacon Group

The Beacon Group offer logistics consulting services to help companies perform engineering based evaluations for transaction due diligence.

The Beacon Group Headquarter Location

147 Central Street Suite 200

Lowell, Massachusetts, 01852,

United States

(866) 811 0269

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Latest The Beacon Group News

Small Employers Beware… New State Retirement Plan Mandates Are Here

Apr 29, 2022

Brian Menickella, co-founder of The Beacon Group of Companies Apr 29, 2022, Got it! getty State-mandated retirement plans are evolving and gaining prevalence across the U.S. in order to respond to the retirement savings crisis. While a few states already have mandated retirement plans in place, 10 states are now working to implement similar requirements by law, or upgrade their already standing mandates. Depending on the state, there are several factors to be aware of in order to avoid non-compliance and the risk of penalties. Small employers within the affected states must understand how to navigate their state retirement plan mandates and what it means for them moving forward. Generally, there are two ways that businesses should abide by these laws. They can either automatically enroll their workers into a state-sponsored retirement program or sponsor their plan through a qualifying private plan . Here’s a look at the upcoming mandates for each state affected. California Since 2016, California has had retirement plan mandates in effect for all companies within the private sector, allowing businesses the choice between a traditional IRA or a Roth IRA for their employees. In the last two years, the state has required that companies with more than 50 employees must enroll in either California’s CalSavers plan, or another qualifying retirement plan. California is now expanding the mandate to require all private companies with 5 or more employees to register by June 30, 2022 . Any California organization that fails to comply will receive a fine of $250 for each qualified worker if they don't comply 90 days after notice. If there's continuous non-compliance for more than 180 days after notice, they will be fined $500 per qualified worker. MORE FOR YOU Colorado Colorado’s state legislature passed the Colorado Secure Savings Program in 2020, with a pilot program launching in Oct., 2022 and statewide enrollment beginning in 2023. While the full scope of the rules and regulations will not be finalized until July, the mandate is applicable to all Colorado employers without an existing retirement plan that have operated for at least two years with 5 or more employees. Connecticut Connecticut's state-sponsored retirement plan, MyCTSavings , was passed in 2016 and has recently become fully active. It is compulsory for all business owners with more than five workers who don't provide a private qualifying plan to enroll in the program during 2022. The MyCTSavings program is a state-operated Roth auto-IRA that holds no cost for employers, works with any company’s payroll process and requires minimal administration from the employer, since it is overseen by the state. Illinois Illinois introduced its state mandated retirement plan, Secure Choice , beginning in 2018 with companies with 500 or more employees, followed by a second phase in 2021 that expanded its requirements to include companies with 25 or more employees. Now, companies with 16-24 employees are required to enroll by Nov. of this year, and employers with between 5-15 employees will be required to enroll by Nov., 2023. Employers who fail to register for either the Secure Choice plan or a qualifying private plan face an initial penalty of $250 per employee, followed by an additional $500 per employee for each following year if non-compliance continues. Maine Similar to Connecticut’s mandates, Maine is rolling out a state-sponsored Roth auto-IRA plan overseen by the Maine Retirement Savings Board for companies that have been active for at least two years, have more than 5 employees and do not offer a qualifying private plan. Employers in Maine have more time than those in other states, and relatively lower penalties. Companies with 25 or more employees must be registered for a retirement plan by April 1, 2023, companies with 15-24 employees by Oct. 21, 2023 and companies with 5-14 employees by April 1, 2024. The maximum penalty employers may face for non-compliance is up to $50 through 2026. Maryland Maryland is launching its pilot phase of their state-sponsored retirement program, MarylandSaves , in Sept., 2022. While employers can expect penalties for noncompliance and specific deadlines to enroll, the exact details of the state mandate are not yet finalized. New Jersey New Jersey recently introduced its state-sponsored auto-IRA program, Secure Choice Savings Program , overseen by the Secure Choice Savings Board. The program went into effect on March 28, 2022, but employers with 25 or more employees who have been in business for at least two years have until Dec. 28, 2022 to enroll in the program or another qualifying private plan. Non-compliant employers will be issued a written warning after the first year, and are fined $100 after two years, $250 after the third and fourth year and $500 for each continuing year. New York New York State’s Secure Choice Savings Program will go into effect no later than Aug. 9, 2023 for companies with 10 or more employees without a qualifying plan. However, for companies in New York City, employers with 5 or more employees must abide by the mandate as well. While all of the details have not been solidified, enrollment is expected to begin prior to Oct. 21, 2023. Oregon Oregon’s state-sponsored program, OregonSaves , has been rolling out in phases since 2017, with the final phase requiring businesses with 4 or fewer employees to enroll in a retirement program by early 2023, though the exact deadline has not been released. Employers who do not comply face a fine of $100 per employee, up to $5,000 each year. Virginia Beginning in July of 2023, all employees aged 18 or older and working 30 hours or more per week without an employer-offered retirement plan will be automatically enrolled in a state-sponsored IRA plan, the VirginiaSaves Program. While exact implementation dates have not been made official, the program is expected to begin in July of 2023. Employers in Virginia are not responsible for registering in the program, however, tax deductible employer contributions to the state-sponsored program will not be allowed. What’s Next for Small Employers? As these state mandates continue to roll out over the next 1 to 2 years, it’s important for small employers to keep an eye on deadlines, specific rules and regulations in order to avoid penalties. Although, the benefits of offering retirement plan options to your employees are even more important than the risks of not complying with state mandates. Especially in the midst of the Great Resignation and a volatile economy, it’s as powerful as ever to offer great benefits to your employees to not only attract and retain talent in an uncertain job market, but to show your employees that you care about them and their financial future. Brian Menickella is a co-founder and managing partner at The Beacon Group of Companies , a broad-based financial services firm based in King of Prussia, PA. Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA / SIPC . This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. Follow me on LinkedIn . Check out my website . Follow me on  LinkedIn . Check out my  website .

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  • When was The Beacon Group founded?

    The Beacon Group was founded in 2002.

  • Where is The Beacon Group's headquarters?

    The Beacon Group's headquarters is located at 147 Central Street, Lowell.

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