{"id":299,"date":"2021-09-08T13:24:00","date_gmt":"2021-09-08T13:24:00","guid":{"rendered":"https:\/\/www.401keasy.com\/blog\/?p=299"},"modified":"2025-06-12T13:25:40","modified_gmt":"2025-06-12T13:25:40","slug":"the-ssp-secure-savings-programs","status":"publish","type":"post","link":"https:\/\/www.401keasy.com\/blog\/the-ssp-secure-savings-programs\/","title":{"rendered":"The SSP\u2014Secure Savings Programs"},"content":{"rendered":"\n<p><strong><em>Many forward-thinking states<\/em><\/strong> (including California, Illinois, Oregon, Colorado, and counting) will soon require small employers (those with 5 to 25 full-time employees) to offer their staff either a 401(k) or a state-mandated secure saving program; also known as an \u201cSSP.\u201d All but the very smallest businesses, those employing four people or less, will be required to provide a 401(k) or SSP. The SSPs envisioned by most states will be a Roth IRA, funded by an employee\u2019s after-tax dollars. Alternatively, small employers can avoid the SSP by setting up a low-cost 401(k) plan. The 401(k) has many advantages over SSPs for employees, including tax deductions, 401(k) loans, and a broad spectrum of investment options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>State-Mandated Secure Saving Programs (SSP) and 401(k): A Comparison for Small Businesses<\/strong><\/h2>\n\n\n\n<p><strong><em>SSP Roll-Out<\/em><\/strong><\/p>\n\n\n\n<p>The SSP roll-out will be staggered, ultimately affecting every business with five or more employees. Companies that offer <a href=\"https:\/\/www.401keasy.com\/\"><strong><em>401(k)<\/em><\/strong><\/a> plans will be exempt from the SSP program. States will provide grants to small businesses to help them defray the costs of setting up either a 401(k) or SSP. Employers found non-compliant with state SSP mandates will be fined $100 per eligible employee per year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many forward-thinking states (including California, Illinois, Oregon, Colorado, and counting) will soon require small employers (those with 5 to 25 full-time employees) to offer their staff either a 401(k) or a state-mandated secure saving program; also known as an \u201cSSP.\u201d All but the very smallest businesses, those employing four people or less, will be required&#8230;<\/p>\n","protected":false},"author":1,"featured_media":300,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts\/299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/comments?post=299"}],"version-history":[{"count":2,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts\/299\/revisions"}],"predecessor-version":[{"id":302,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts\/299\/revisions\/302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/media\/300"}],"wp:attachment":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/media?parent=299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/categories?post=299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/tags?post=299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}