The Delaware EARNS Act is now law.

Businesses with more than five employees that do not currently offer a retirement plan would be required to take part in the “Expanding Access for Retirement and Necessary Savings” program, through a payroll process. Governor John Carney signed the legislation, House Bill 205, Thursday.

State Treasurer Colleen Davis said the office will hire an executive director to work with the Delaware EARNS Program Board to oversee design and implementation of the program.

According to State Representative Larry Lambert, D- Claymont, almost 150,000 Delawareans employed by small businesses currently do not have access to an employer-sponsored savings program.

“We’ve worked long and hard to make this program a reality for Delawareans who lack access to an employer-sponsored retirement program,” Davis said. “I am grateful to Representative Larry Lambert, Senator Nicole Poore, all of their colleagues in the General Assembly, the AARP of Delaware, and of course the Governor for helping us get here.”