DELAWARE - Time is running out for Delaware employers to take care of a bit of key paperwork. Employers have until Oct. 15 to register with or certify exemption from Delaware EARNS, the state’s small business retirement savings program.
“We launched Delaware EARNS with a clear goal: to provide Delaware workers with a simple and secure retirement savings program,” State Treasurer Colleen C. Davis said in a statement. “Before EARNS, many Delaware residents weren’t saving for the future, largely because they weren’t offered a way to do so through their employer.”
This registration requirement applies to all businesses and nonprofits with five or more W-2 employees in Delaware that do not offer a qualified retirement plan, such as a 401 (k), to participate. This program was initially created with the goal of helping to build long-term financial security for the state’s workforce.
Thousands of Delaware small business workers have already started using the program, which launched back in July of 2024. The 7500 participants have managed to accrue a collective savings of more than $6 million. The average account balance is nearly $900, according to the treasurer’s office.
Linda Clark, president and founder of Great New Beginnings Early Childhood Learning Center, said more than 50 of her employees are enrolled. “EARNS has been such an easy way to add value for our staff,” she said.
The program is free for employers to set up and manage, with no fiduciary responsibilities or obligation to match contributions. Employees maintain control over their accounts and contributions.
According to the state, employers who have not registered must do so at EARNSDelaware.com by the Oct. 15 deadline. Penalties and fines will begin in 2026 for noncompliance.
Anyone with questions or needing extra help can call 855-934-3701 or email employerservices@earnsdelaware.com.