Delaware employers have until Wednesday, October 15, to register with or certify exemption from Delaware EARNS, the state’s new small business retirement savings program. The initiative, designed to help workers save for the future, marks a major step in expanding financial security for thousands of Delawareans.
Businesses and nonprofits with five or more W-2 employees that do not already offer a qualified retirement plan, such as a 401(k), must facilitate Delaware EARNS. The program was created under state law and is managed by the Office of the State Treasurer in partnership with the EARNS Program Board and program administrator Vestwell State Savings, LLC.
“We launched Delaware EARNS with a clear goal: to provide Delaware workers with a simple and secure retirement savings program,” said State Treasurer Colleen C. Davis. “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. We’re thrilled to see such positive momentum and adoption of the program thus far.”
Since its launch on July 1, 2024, the program has seen rapid growth. More than 7,500 Delaware small business employees have already opened retirement accounts, collectively saving over $6 million, with an average of nearly $900 per account.Local business leaders have praised the program’s simplicity and impact.
“EARNS has been such an easy way to add value for our staff,” said Linda Clark, president and founder of Great New Beginnings Early Childhood Learning Center. “Already, more than 50 of our employees are enrolled and saving. In a competitive job market, being able to offer a retirement benefit at no cost to the business really helps us stand out.”
Delaware EARNS was built to be business friendly. It is free for employers and simple to manage, with no fiduciary responsibility or contribution requirements. Employees can set their own contribution amounts, retain full ownership of their accounts, and opt out at any time.
Before EARNS was established, nearly 150,000 Delaware workers lacked access to a retirement savings option at work. The program aims to bridge that gap by providing an easy, automatic, and portable savings system through a Roth IRA structure, helping more residents prepare for long-term financial stability.
Employers who have not yet taken action are urged to register or certify exemption by visiting EARNSDelaware.com before Wednesday, October 15. Those who fail to comply may face penalties and fines beginning in 2026. Exemptions can be filed at EARNSDelaware.com/exempt.
“We’re extremely grateful to those employers who have fully enrolled in Delaware EARNS,” Treasurer Davis said. “They’ve provided access to a life-changing tool that will help their employees put their futures first.”
Employers seeking assistance can contact the Delaware EARNS Employer Assistance Hotline at 855-934-3701 or send an email. Additional resources, including registration checklists, FAQs, and educational videos, are available on the program’s website.
The Office of the State Treasurer, led by Treasurer Colleen Davis since 2019, manages Delaware’s public funds and champions financial empowerment initiatives across the state. Through programs like Delaware EARNS, the office continues to expand access to economic opportunity and long-term financial well-being for all Delawareans.
