State-facilitated retirement plans
To help provide greater access to workplace retirement benefits, many states have enacted state-sponsored retirement programs. Learn how these plans can help you open doors.
Dynamic plan design
Streamlined administration
Flexible investment platform
Personalized participant experience
A quick comparison
State-facilitated IRA programs | 401(k) plans | |
Employee contribution limits |
$7,000 (2025) |
$23,500 (2025) |
Catch-up contribution limits |
$1,000 (2025) |
$7,500 (2025) $11,250 (ages 60 to 63, 2025) |
Employer contributions | Not allowed |
Matching and profit-sharing contributions $70,000 (2025 defined contribution annual addition limit) |
Automatic enrollment | Yes |
Yes |
Automatic escalation | May be permitted |
Yes |
Investment options | Limited |
Broad offerings available |
Administrative responsibilities | As required by state law |
Subject to Employee Retirement Income Security Act of 1974 (ERISA) reporting, disclosure requirements, and fiduciary duties |
California
Colorado
Connecticut
Illinois
Massachusetts
New Jersey
New Mexico
Oregon
Vermont
New York City
Seattle
Administrative workload
How could participating in the state program affect their administrative workload?
Saving and investments
What kind of saving and investment opportunities could their employees have? Are these opportunities appropriate for their income and tax situation?
Outcomes
Would the employer and employees benefit from directing their money and effort to a plan that's custom made for their goals—and that they help design?
John Hancock Retirement Plan Services LLC offers administrative and/or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker-dealer for the John Hancock mutual funds, member FINRA, SIPC.
MGR0817233056872 MF3056872 8/23