Minnesota Secure Choice is Minnesota’s mandatory retirement savings program. We will update this page as more information is released. For additional information, visit the Minnesota Secure Choice Webpage.
What is it?
Minnesota Secure Choice requires that employers with 5 or more employees offer a qualified retirement savings plan. If they don’t offer their own plan, they must join the state’s program
How does it work?
The program will establish IRAs for participating employees, allowing individual employees to contribute a portion of their income. Employees will be allowed to voluntarily opt-out of the program or change their contributions at any time. The Minnesota Board of Directors has established a rolling timeline of when each business will need to be enrolled and compliant (see chart below):
| Number of Employees | Phase Duration and/or Start Date | ||
| Soft Launch for any Business | January 1, 2026 to March 30, 2026 | ||
| 100+ Employees | April 1, 2026 to June 30, 2026 | ||
| 50-99 Employees | July 1, 2026 to December 31, 2026 | ||
| 25-49 Employees | January 1, 2027 to June 30, 2027 | ||
| 10-24 Employees | July 1, 2027 to December 31, 2027 | ||
| 5-9 Employees | January 1, 2028 to June 30, 2028 |
What if an employer has a retirement plan?
The employer maintains a qualified retirement program already, the employer is exempt from this program.
SouthPoint Investment Services has alternative options:
Due to the administrative burden and limitations associated with this program, employers may be interested in seeking other options. Now is a great time for employers to look at setting up their own retirement plans. At SouthPoint Investment Services, we specialize in helping find the perfect retirement plan solution for our clients. We’re available and ready to guide employers to the best option that fits their organization’s needs.
Contact our Financial Advisor today to learn more.
Joey Warta
Financial Advisor
Located At
706 North German St
New Ulm, MN 56073
877-794-6712
Email: joey.warta@southpointfinserv.com