More Virginians Gain Access to Retirement Savings as RetirePath Expansion Continues Statewide

October 30 is the final enrollment deadline for eligible small businesses

Richmond, Virginia, Oct. 08, 2026 (GLOBE NEWSWIRE) -- In recognition of National Retirement Security Month, RetirePath Virginia, the Commonwealth’s state-facilitated retirement savings program for private sector workers, is encouraging small businesses and workers across the Commonwealth to focus on long-term financial well-being and take action toward securing their future.

National Retirement Security Month, observed each October, is a nationwide effort to raise awareness of the importance of saving for retirement and promote programs that make it easier for individuals to start saving.

This reminder comes during an important phase for RetirePath. The deadline is approaching for eligible businesses to comply with state law and register in 2026. As of July 1, the program officially extended its reach following unanimous bipartisan support from the General Assembly and the signing of House Bill 176 and Senate Bill 149 by Gov. Abigail Spanberger.

RetirePath now expands access to more than 350,000 additional working Virginians. State law lowered the program eligibility threshold from employers with 25 or more full-time employees to employers with five or more employees, including part-time workers, which allows more small businesses and workers to participate. RetirePath enables workers to contribute directly from their paycheck to a Roth Individual Retirement Account (IRA) through automatic payroll deduction to an account they own, even if they move or change jobs.

Under Virginia law, businesses must register and facilitate RetirePath if they:
• Have five or more employees
• Have operated for at least two years
• Do not offer a qualified employer-sponsored retirement plan

RetirePath is rolling out this expansion in phases through the end of October. The deadline for businesses with 10 to 24 eligible employees was September 30. The final deadline, October 30, 2026, applies to businesses with five to nine eligible employees.

A 2025 survey by The Pew Charitable Trusts shows that a large majority of small business owners in Virginia support RetirePath, citing the program’s cost-free structure as a way to attract and retain workers and compete with larger employers.

The expansion comes at a key moment. Experts warn that Americans, especially those in their 20s and 30s, are not 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.

But the tide could be turning in Virginia.

Workers across the Commonwealth, particularly those working in small businesses and industries that have historically lacked access to a workplace retirement plan, are beginning to save for their future even with small initial balances.

As of September 30, 2026, more than 5,300 Virginia businesses have already signed up for RetirePath. RetirePath manages more than 30,000 accounts holding nearly $40 million in assets, compared to about 8,900 accounts and $4 million in 2024.

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.

“We have been encouraged by the positive reception to this expansion from employers who appreciate a simple, easy way to support their teams and from employees who have an easy entry point into saving for their future,” said Peter Thompson, RetirePath Program Director.

“Hearing directly from Virginians about how RetirePath is helping them take meaningful steps toward long-term financial security reinforces why this work matters. I am proud to be part of a program that reflects the Commonwealth Savers mission of ‘Dream, Save, Achieve’ and to see this work continue during a milestone year for the agency.”

October marks the 30th anniversary of Commonwealth Savers, the independent state agency that administers RetirePath Virginia as well as the education savings program Invest529 and the disability savings program ABLEnow.

Established in 1996, Commonwealth Savers was created to help Virginians build long-term financial stability through accessible and easy-to-use savings programs. Over three decades, the agency has grown into a trusted resource for families, students and individuals with disabilities, and now supports many private sector workers through RetirePath Virginia.

Its mission of “Dream, Save, Achieve” reflects its commitment to ensuring every Virginian has the tools and support needed to pursue a more secure financial future.

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 the site to learn how to open an account and begin saving.

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 25 or more eligible employees. Eligible employees are at least 18 years of age, receiving wages, and worked at least 30 hours a week for any portion of a week, whether consecutive or not, in the preceding Advertising Disclosure Policy 7 calendar year. 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. ©2026 Commonwealth Savers Plan. All Rights Reserved.

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