RetirePath helps Virginians save for the future

Roughly half of workers in the U.S. don't have access to an employer-sponsored retirement plan — and nearly one in five older Americans report having no retirement savings at all.

A solution: In 2023, Virginia started a simple, state-sponsored solution called RetirePath that unlocks personal access to individual retirement accounts (IRAs) — without the need for an employer sponsor —and helps workers save directly from their paychecks.

Why it's important: The national retirement savings gap has ripple effects from households through communities and the nation.

• Retirement savings accounts reduce reliance on public assistance, lower individual financial stress and support long-term economic resilience at every level.

The breakdown: State law requires eligible Virginia employers that don't offer their own retirement plan to facilitate RetirePath for their employees — plus, self-employed Virginians are eligible too.

• Since it launched in 2023, more than 1,000 employers have registered with the program, which now serves about 20,000 Virginians.

The deets: Savers contribute to a Roth IRA through automatic post-tax payroll deductions at rates they can adjust at any time.

• Any Virginian who is at least 18 years old and has taxable income can open an independent account.
• There are no fees, no fiduciary responsibilities and minimal administrative tasks for participating employers.
• Plus, savers can opt out whenever they want.

Savers can expect automatic enrollments with a default savings rate and target-date investment options. The accounts are also portable, meaning they stay with the saver even if they change jobs.

The proof: RetirePath is built on research that shows workers are far more likely to save for retirement through payroll deductions — and expanding access is one of the most effective ways to help more people save for retirement.

• Even modest, consistent contributions make a meaningful difference over time, reducing long-term financial stress and reliance on public assistance later in life.

Worth a mention: Small businesses account for more than 99% of all businesses in Virginia and employ nearly half of the state's workforce.

• These businesses often want to support employee savings but can't afford the cost or complexity of offering their own plan.
• RetirePath helps small businesses better serve their workforce while meeting state requirements.

Some examples:

• "Setting up RetirePath was seamless," Laura Bethea, business and financial manager of Richmond's River City Tattoo and Body Piercing, said. "It was far easier than we expected and came with no fees to the business."
• "Bark + Boarding didn't have a retirement plan for our team, and it was something I had wanted to offer for a long time," Ryan Fochler, founder of the full-service pet care company in Fairfax County, said. "RetirePath was a great solution."
• "I had been thinking about starting a Roth IRA on my own, but that was a lot to do," Lindsey Parvana, an employee of the equine therapy provider Healing Strides in Franklin County, said. "When I found out RetirePath offered a simple way to get started, I signed up right away."

The takeaway: Retirement savings are a critical part of comfort, stability and independence for every generation — and it doesn't have to be out of reach.

• RetirePath helps Virginia's workforce build financial security one paycheck at a time.

Learn more.

Visit RetirePathVA.com for more information and to obtain program materials. RetirePath VirginiaSM is governed by the Board of Commonwealth Savers Plan ("the Board"), an independent agency of the Commonwealth of Virginia. Vestwell State Savings, LLC ("Vestwell") and its affiliates are responsible for day-to-day program operations. Participants who use RetirePath Virginia beneficially own and have control over their individual retirement accounts ("IRA"), as provided in the program offering set out at RetirePathVA.com. Account balances in RetirePath Virginia accounts will vary with market conditions and are not guaranteed or insured by the Board, the Commonwealth of Virginia, the Federal Deposit Insurance Corporation ("FDIC") or any other organization. You should seek the advice of a professional concerning any financial, tax, or legal implications related to opening and maintaining a RetirePath Virginia account. All investments are subject to risk, including the possible loss of the money you invest. ©2026 Commonwealth Savers Plan. All Rights Reserved.