Lowering RetirePath Participation Threshold Would Help Va. Small Businesses, Employees
Statement from Awesta Sarkash, Vice President of State Policy and Advocacy for Small Business Majority, on why small businesses benefit from increased access to a retirement savings program
“Virginia lawmakers offered a boost to small businesses struggling to hire and retain talented employees when they approved legislation that would lower the threshold for participation in RetirePath Virginia. If this legislation becomes law, small businesses with five or more employees would be eligible to automatically enroll their workers in the program – an important change from the current minimum of 25 full-time employees. The need for expansion is clear: According to the 2025 Office of Advocacy Report, employers with 20-499 employees represented just 2% of all businesses across the commonwealth. What’s more, approximately 45% of the commonwealth’s workforce – an estimated 1.2 million Virginia employees – lacked access to a retirement savings plan at work. Given that many small businesses cannot afford to offer retirement benefits on their own, we encourage Gov. Spanberger to sign this legislation as soon as possible so that small firms will be better able to compete for talent with big businesses that can already afford to offer robust benefits like retirement savings programs.”
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 85,000 small businesses and 1,500 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter(X), Facebook and Instagram.