Say you run a small corporation with three employees, and all three are about to meet the requirements for coverage in your retirement plan.

You have heard that plans integrated with Social Security are for big companies, and that the annual administration costs will eat you alive. Neither is true.

Before you weigh the options, you may find that your state has already made the choice for you.

In Many States, a Retirement Plan Is No Longer Optional

Fifteen states now run mandatory automatic-IRA programs: California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Minnesota, Nevada, New Jersey, New York, Oregon, Rhode Island, Vermont, and Virginia.

Massachusetts and Washington use different models, and several more states are phasing in.

In many states, if you do not sponsor a qualifying plan, you must enroll your ... Log in to view full article.