As a construction business owner in the state of Virginia, it’s important to note that the registration deadline for the RetirePath Virginia retirement plan program is July 1, 2023.
If you do not register your employees by these dates, you can face a penalty for noncompliance up to $200 per employee.
As intimidating as that sounds, you do not have to create a plan through RetirePath Virginia — you can enroll your employees in any qualifying employer-sponsored retirement plan, such as a Beneco 401(k) plan.
A 401k plan provides an exemption to RetirePath, and thanks to the Secure Act 2.0, setting up a 401k plan can provide tax credits to defray the costs.
We want to help! Scroll down and fill out the form below to set up a free 15-minute consultation, or contact us today to learn how Beneco is working to develop a Virginia Retirement Plan to help make the whole process easy for you.
If you would like to read about Beneco’s services, we’ve included links to documents that can help you learn more.
*Companies that do not work on prevailing wage projects can also take advantage of the Beneco 401(k) plan!
Helpful Documents
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