DELAWARE - Delaware EARNS, a state-sponsored retirement savings program for workers without employer-sponsored plans, has exceeded $1 million in total assets in less than seven months, State Treasurer Colleen Davis announced Friday.
According to the Office of the State Treasurer, the program, launched in July 2024, allows employees of small businesses to contribute to Roth IRA accounts through payroll deductions. State officials say that as of Feb. 1, participants had saved nearly $1.4 million across 4,590 funded accounts, with 1,596 employers registered statewide. According to officials, total assets have nearly tripled since Dec. 1 as participation continues to grow.
“Saving for retirement has always been a challenge for workers whose employers don’t offer an IRA or 401(k), and we’re proud to have more Delawareans signing up for EARNS and funding their accounts every day,” said Treasurer Davis.
The program requires private-sector employers with at least five W-2 employees and no existing retirement plan to facilitate access to Delaware EARNS.
“Looking ahead, we're excited about further expanding the reach of Delaware EARNS. We anticipate this strong growth to continue, and we’re projecting the program to reach 10,000 savers and $10 million in assets before the end of this year,” said Program Director Ted Griffith.
Employers can register at EARNSDelaware.com, and additional information is available by contacting EARNS@delaware.gov.
