Delaware EARNS hits a milestone in less than seven months.
The state-sponsored retirement savings program for workers whose employers don’t offer a retirement plan has exceeded $1 million in retirement savings since its July 2024 start.
As of February 1, those in the program had saved a total of nearly $1.4 million across 4,590 funded Roth IRA accounts and 1,596 registered employers statewide.
With more signing on to the program, the Office of the State Treasurer reports that total assets have nearly tripled since December 1.
And Delaware EARNS program director Ted Griffith says they have set aggressive goals moving forward.
"But our goal is to have 10,000 savers in the program and 10 million in assets by the end of 2025, so we do have a ways to go. But we're going to do everything we can to meet that goal and then after that continue to grow the program. It does take time. But people are seeing the benefit of it, and both employers and employees are embracing the program," said Griffith.
Griffith notes that while the program is for small business employees, he recently heard from a daycare owner in Sussex County that it is helping them retain employees.
"We have an opportunity with Treasurer Davis' leadership to really touch people and to change their lives. It will take time, but the more people we can get saving in the program in EARNS and the longer they do it, the more money they will accumulate,” said Griffith. “And that's a better quality of life for them."
Employers who haven’t enrolled can do so at EARNSDelaware.com.
