Your State Now
Requires a
Retirement Plan
Don’t default into the state program and miss out on up to $16,500 in tax credits. See your deadline, understand your options, and book a free consultation with a 25-year pension expert.
Check Your State’s Deadline
Select your state and company size to see your compliance deadline, potential penalties, and available tax credits.
Select a state above to see your deadline and penalties
Up to $0 in Credits
The federal government wants you to set up a 401(k). They’ll pay you to do it. These credits are available for the first 3 years after you start a new plan.
Startup Credits
$0/yr
3 years
100% of setup and admin costs covered
Auto-Enrollment Credit
$0/yr
3 years
Bonus for adding automatic enrollment
Employer Contribution Credit
$0/emp
Phases over 5 years
Up to $1,000 per employee in Year 1
Total available over 3 years
$0
File IRS Form 8881 to claim. A custom 401(k) through Pension Maxima qualifies for all three credit categories.
How Tax Credits Work for You
Watch this 2-minute overview to understand how the Secure Act 2.0 puts money back in your pocket.
State Plan vs. Custom 401(k)
If you don’t act, you default into the state IRA program. Here’s what you’re missing.
| Feature | State IRA Plan | 401(k) with Bonnie |
|---|---|---|
| Contribution Limit | $7,000-$8,000 | $23,000-$30,500 |
| Employer Match | Not allowed | Flexible design |
| Tax Options | Roth only | Pre-tax and Roth |
| Investment Choices | Limited state-selected | Broad selection |
| Federal Tax Credits | $0 | Up to $16,500 |
| Plan Design Control | No control | Full control |
| Expert Advisor | None | 25+ years expert guidance |
| Status | Mandatory if no plan | Voluntary (satisfies mandate) |
State Plan
$7,000-$8,000
With Bonnie
$23,000-$30,500
State Plan
Not allowed
With Bonnie
Flexible design
State Plan
Roth only
With Bonnie
Pre-tax and Roth
State Plan
Limited state-selected
With Bonnie
Broad selection
State Plan
$0
With Bonnie
Up to $16,500
State Plan
No control
With Bonnie
Full control
State Plan
None
With Bonnie
25+ years expert guidance
State Plan
Mandatory if no plan
With Bonnie
Voluntary (satisfies mandate)
Bonnie Yam
25+ years helping companies optimize their 401(k) plans. Former financial manager at TIME magazine and hedge fund analyst. MBA in Finance from the University of Chicago, Smith College BA in Math & Economics.
Bonnie has helped companies reduce plan costs by up to 50% by exposing hidden fees, restructuring plan design, and negotiating directly with recordkeepers. She speaks English, Mandarin, Cantonese, French, and Spanish.
Client Results
Cost Reduction
Saved 50% on Hidden Fees
Negotiated such a strong deal with the recordkeeper that they’re still losing money years later. Restructured investments to eliminate all backend commission fees.
Failed Tests After
Fixed the Nondiscrimination Problem
Client was failing ADP/ACP testing every year, forcing refunds to highly compensated employees. Redesigned the plan as Safe Harbor, eliminating the testing requirement entirely.
Savings Rate
Inspired 30% Savings Rate
After a financial wellness education session, one employee went from minimal savings to contributing 30% of his salary. That’s the power of understanding compounding.
Book Your Free Consultation
30 minutes with Bonnie to review your state’s deadline, calculate your penalty exposure, and map out your tax credit opportunity. No obligation, no sales pitch.
30 Minutes
Quick, focused conversation about your specific situation
100% Free
No cost, no obligation, no hidden fees
Expert Advice
25+ years of 401(k) expertise, 11 professional credentials
Frequently Asked Questions
Everything you need to know about state mandates, 401(k) plans, and the tax credits available to your business.
The Secure Act 2.0 is federal legislation that requires businesses in participating states to offer a retirement plan to employees. If your state has a mandate and you don't comply, you face increasing penalties starting at $150 per employee in Year 1, scaling up to $500+ per employee in subsequent years.
Setup costs vary, but the federal government covers up to $5,000 per year in startup tax credits for the first 3 years. Add another $500 per year for auto-enrollment and up to $1,000 per employee for employer contributions. Most small businesses end up net positive after claiming all available credits.
State IRA plans have a $7,000 annual contribution limit, no employer match, no tax options, and no investment choice. A custom 401(k) allows up to $23,500 in contributions, employer matching, Roth and Traditional options, full investment customization, and qualifies for federal tax credits worth up to $16,500.
Currently 11 states have mandates: New York, New Jersey, Connecticut, California, Illinois, Oregon, Colorado, Maryland, Massachusetts, Minnesota, and Nevada. Each state has different deadlines and employee thresholds. Use the deadline checker above to see your specific situation.
Penalties vary by state but typically start at $150-$250 per employee in Year 1 and increase each year. For a company with 30 employees, that can mean $4,500 to $7,500 in Year 1 alone. The penalties are per employee and compound annually.
A custom 401(k) plan can typically be set up in 2 to 4 weeks. Bonnie handles the entire process including plan design, recordkeeper selection, investment lineup, and compliance documentation. Most clients are fully compliant within 30 days of their first consultation.
Bonnie holds 11 professional credentials including CFA, CFP, AIF, CLU, ChFC, RICP, EA, CVA, CMAP, CEPA, and CSLP. She has an MBA in Finance from the University of Chicago and 25+ years of experience helping companies optimize their 401(k) plans. She has been recognized by Marquis Who's Who and as the Most Supportive Retirement Platform in New York.
Yes. The 30-minute consultation is completely free with no obligation. Bonnie will review your state's requirements, calculate your penalty exposure, and show you the tax credits available. You'll leave with a clear picture of your options regardless of whether you choose to work together.
Still have questions? Book a free consultation and get answers specific to your business.