August 28, 2024
As reported in the April 27, 2023, edition of Compliance Corner, the Delaware Expanding Access for Retirement and Necessary Saving (EARNS) program was signed into law in August 2022. The program was launched on July 1, 2024, and covered employers must register or certify their exemption by October 15, 2024.
Employers with five or more employees who have wages or other compensation allocable to Delaware must register for the EARNS Program or certify their exemption if they already offer a tax-qualified retirement plan (e.g., a 401(k) plan) by October 15, 2024. The registration site opened on the program's launch date of July 1, 2024.
EARNS is sponsored by the Office of the State Treasurer and structured as an automatic payroll deduction into a Roth IRA.
Employers who have at least five employees in Delaware should review and either register or submit an exemption by October 15, 2024.
EARNS Program Main Site
Delaware.gov News
Title 19 Chapter 38. Delaware Expanding Access for Retirement and Necessary Saving Program
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