NY deadline for 30+ employees has passed

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.

25+ Years ExperienceCFA, CFP, MBA (U of Chicago)Saved clients up to 50% on plan costs
State Mandates

Check Your State’s Deadline

Select your state and company size to see your compliance deadline, potential penalties, and available tax credits.

30
5500

Select a state above to see your deadline and penalties

Tax Incentives

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.

Learn More

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.

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2 minute watchNo signup requiredActionable steps included
Know Your Options

State Plan vs. Custom 401(k)

If you don’t act, you default into the state IRA program. Here’s what you’re missing.

Contribution Limit

State Plan

$7,000-$8,000

With Bonnie

$23,000-$30,500

Employer Match

State Plan

Not allowed

With Bonnie

Flexible design

Tax Options

State Plan

Roth only

With Bonnie

Pre-tax and Roth

Investment Choices

State Plan

Limited state-selected

With Bonnie

Broad selection

Federal Tax Credits

State Plan

$0

With Bonnie

Up to $16,500

Plan Design Control

State Plan

No control

With Bonnie

Full control

Expert Advisor

State Plan

None

With Bonnie

25+ years expert guidance

Status

State Plan

Mandatory if no plan

With Bonnie

Voluntary (satisfies mandate)

Your Advisor

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.

CFACFPAIFCLUChFCRICPEACVACMAPCEPACSLP
Marquis Who’s WhoMost Supportive Retirement Platform (NY)

Client Results

50%

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.

0

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.

30%

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.

Get Started

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

Common Questions

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.