State Roth IRA

Greg Hatfield Updated by Greg Hatfield

Several states have implemented mandatory IRA savings programs for employers without sponsored retirement plans.  CFS Payroll System supports these plans with following features.

1. "State Roth IRA" is available as a program provided Deduction Item on the employer Payroll Setup tab.  This can be used to create a CalSavers, OregonSaves, IllinoisSecureChoice, or MyCTSavings deduction item for those states that have a Roth IRA mandate for employers without sponsored retirement plans. The deduction item can be renamed if desired.

2. The Employee Setup screen now has fields for phone and e-mail address to support the State Roth IRA employee list CSV file upload. The phone number is mandatory for all states. The e-mail address is typically optional but should be entered if known as it is the desired method of contact.

3. The Paycheck Utilities screen (see the Options button above the Payroll grid) has a function to create the State IRA Savings Program CSV files.  Click “Advanced” to see it.  

The first file is the employee list.  This would typically be a one time per employer upload to add the employees to the website.  New employees after that would be added manually on the website one at a time.  

The second file is the contribution file which would be uploaded after each payroll.  This has each employee contribution for that payroll.  There may be differences in the files for each state program so users must choose the program from the dropdown list.  Users must also specify up to 2 deduction items to use for the contributions.  For example, CalSavers allows employees to do a Roth IRA (default) or a Traditional IRA.  The user would be able to pick one deduction for the Roth and one for the Traditional.  Each employee should only have one of them.  The settings for the 3 dropdown lists are remembered for each employer when loading the screen the next time.  There is a button that loads the login website for the selected program.

The currently implemented state programs are below. Other states are planning to start within a year or two.

California: CalSavers:  https://www.calsavers.com

Illinois: IllinoisSecureChoice: https://www.ilsecurechoice.com

Oregon: OregonSaves: https://www.oregonsaves.com

Connecticut: MyCTSavings: https://myctsavings.com

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