Richmond, Virginia, May 14, 2026 (GLOBE NEWSWIRE) -- RetirePath Virginia will expand in 2026 to serve more private-sector workers and small businesses across the Commonwealth, following Governor Abigail Spanberger’s signing of House Bill 176 and Senate Bill 149. The expansion is expected to increase access to a workplace retirement savings option for an estimated 350,000 additional Virginians.
Beginning July 1, 2026, Virginia businesses are required to register and facilitate RetirePath if they have five or more employees, have operated for at least two years, and do not offer a qualified employer‑sponsored retirement plan. The new state law lowers the eligible employer threshold from employers with 25 employees to five employees and includes part-time workers, allowing more small businesses and workers to participate starting in 2026.
“Since launching in 2023, RetirePath Virginia has expanded access to retirement savings for working Virginians, especially those employed by small businesses in industries that have traditionally been less likely to offer a workplace retirement plan,” said Peter S. Thompson, RetirePath Program Director. “This legislation builds on that progress and reflects the impact the program is already making, while allowing more workers to build long-term financial security through a simple, portable savings option.”
A 2025 survey by The Pew Charitable Trusts shows that a large majority of small-business leaders in Virginia support RetirePath, citing the program’s cost-free structure as a way to attract and retain workers and better compete with larger employers.
“Expanding eligibility for RetirePath Virginia will provide a significant benefit for small businesses throughout the Commonwealth,” said Awesta Sarkash, Vice President of State Policy & Advocacy at Small Business Majority. ‘With most small businesses struggling to offer the type of robust employee benefits found at larger corporations, allowing employees at some of the smallest businesses to access retirement savings accounts will go a long way toward helping many more small firms attract and retain top talent.”
“Thousands of Virginia workers who don’t have a job-based retirement plan just got another step closer to more easily building lifetime financial security,” said Jim Dau, Virginia State Director at AARP.
Leading up to the expansion, RetirePath Virginia will host a series of virtual information sessions in June for the public, employers, and community partners. These sessions will cover policy updates, general program information and updates, and ways individuals and organizations can support and stay informed.
Starting July 2026, approximately 35,000 eligible Virginia businesses will receive an initial notice outlining the requirement to either register for RetirePath or offer their own qualified retirement plan. Each email or letter will include a unique access code, a deadline, and step-by-step instructions.
RetirePath gives eligible employers a simple way to help their employees save for the future, with no employer fees, no fiduciary responsibility, and minimal administrative requirements. More than 1,000 employers are already participating, and the program is already helping more than 25,000 Virginians build retirement savings. Individuals who are self‑employed or who do not work for a participating employer can also open an account independently.
For more information about RetirePath Virginia, visit RetirePathVA.com.
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About RetirePath Virginia
RetirePath VirginiaSM 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.
Starting July 1, 2026, 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 five or more eligible employees. Eligible employees are at least 18 years of age and receive wages. 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
