Richmond, Virginia, July 28, 2026 (GLOBE NEWSWIRE) -- As of July 1, RetirePath Virginia, the Commonwealth’s state-facilitated retirement savings program for private sector workers, has officially extended its reach and is now available to more small businesses across the Commonwealth. Following unanimous bipartisan support by the General Assembly and Governor Abigail Spanberger’s signing of House Bill 176 and Senate Bill 149 earlier this year, the program now expands the ability to save for retirement at work to more than 350,000 additional working Virginians. 

This expansion lowers the RetirePath employer eligibility threshold from employers with 25 or more full-time employees to employers with five or more employees, including part-time workers, allowing more small businesses and workers to participate.  

The program allows participating workers to automatically contribute a portion of their paycheck to their own Individual Retirement Account (IRA).  

Virginia law requires that businesses register and facilitate RetirePath if they have five or more eligible employees, have operated for at least two years and do not offer a qualified employer‑sponsored retirement plan.  

RetirePath is rolling out this expansion in phases through the end of October—first reaching employers with 10 to 24 eligible employees, and then those with five to nine eligible employees. As of mid-July, more than 35,000 businesses have already received an initial notice outlining the requirement to register and facilitate RetirePath or certify an exemption if they do not meet the eligibility criteria.  

Each email or letter includes a unique employer access code, a deadline and step-by-step instructions. 

“We’re encouraged by the early response to the expansion from small businesses and how the program allows more employers to demonstrate their commitment to helping their employees save for the future,” said Peter Thompson, RetirePath Program Director. “The expansion gives even more Virginians the chance to save at work.”     

A 2025 survey by The Pew Charitable Trusts shows that a large majority of small business owners in Virginia support RetirePath, citing that the program is fee-free to employers while offering a way to attract and retain workers and better compete with larger employers. 

The expansion comes at a particularly important moment. Experts warn that Americans—especially those in their 20s and 30s—aren’t saving enough for retirement.  According to JP Morgan, up to 57 percent of households in their 20s and 40 percent in their 30s have no retirement savings at all.  

RetirePath is administered by Commonwealth Savers Plan, the independent state agency that also administers the education savings program Invest529, and the disability savings program, ABLEnow. 

The Joint Legislative Audit & Review Commission (JLARC), which has oversight of Commonwealth Savers, recently released a report highlighting that the number of individuals saving in RetirePath tripled over the past two years. As of March 31, the program manages 24,844 accounts holding $27.3 million in assets, compared to about 8,900 accounts and $4 million in 2024. 

These numbers show that Virginians, especially those in small businesses and industries that have historically lacked retirement options, are beginning to save for their future, even with small balances, making the expansion both needed and timely. 

RetirePath gives eligible employers a simple way to help their employees save for the future, with no employer fees, no fiduciary responsibility, and minimal ongoing support. Individuals who are self‑employed or who do not work for a participating employer can also open an account independently. 

Employers who received an official RetirePath notice can visit RetirePathVA.com and use their unique access code to register or confirm that they already offer a qualified retirement plan. Independent contractors and self-employed individuals can also visit RetirePathVA.com to learn how to open an account and begin saving on their own. 

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About RetirePath Virginia 

RetirePath Virginia is the Commonwealth of Virginia’s automatic-enrollment, state-facilitated individual retirement account savings program. It’s designed to expand access to retirement savings and provide more Virginians with a path to economic security. State legislation directs Commonwealth Savers Plan to establish and oversee RetirePath. Visit RetirePathVA.com to obtain program information. Virginia employers that don’t offer a qualified retirement savings plan must register and facilitate RetirePath if they have been operating for two or more years and have 5 or more eligible employees. Eligible employees are at least 18 years of age and receiving wages. Employers may exclude temporary or seasonal employees who work less than 90 days a year. All investments are subject to risk, including the possible loss of the money you invest. Past performance does not guarantee future results. ©2026 Commonwealth Savers Plan. All Rights Reserved. 

Devon Copeland
RetirePath Virginia
(804)225-2452
dcopeland@commonwealthsavers.com