Vote Smart's Synopsis:

Vote to pass a bill that establishes an automated individual retirement account (IRA) for uncovered workers in Rhode Island.

Highlights:

• Establishes an automated individual retirement account (IRA) for uncovered workers in Rhode Island (Sec. 1).

• Establishes the Rhode Island secure choice retirement savings program administered by the general treasurer, which shall promote greater retirement savings for Rhode Island private sector employees in a convenient, voluntary, low-cost, and portable manner (Sec. 1).

• Authorizes the general treasurer to be charged with collecting contributions through payroll deductions and investing these funds in accordance with best practices for retirement savings vehicles (Sec. 1).

• Specifies that the general treasurer would also be responsible for encouraging employee participation and administration for participating employers and portability of retirement benefits for participating employees (Sec. 1).

• Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the governor (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes an automated individual retirement account (IRA) for uncovered workers in Rhode Island.

Highlights:

• Establishes an automated individual retirement account (IRA) for uncovered workers in Rhode Island (Sec. 1).

• Establishes the Rhode Island secure choice retirement savings program administered by the general treasurer, which shall promote greater retirement savings for Rhode Island private sector employees in a convenient, voluntary, low-cost, and portable manner (Sec. 1).

• Authorizes the general treasurer to be charged with collecting contributions through payroll deductions and investing these funds in accordance with best practices for retirement savings vehicles (Sec. 1).

• Specifies that the general treasurer would also be responsible for encouraging employee participation and administration for participating employers and portability of retirement benefits for participating employees (Sec. 1).

• Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the governor (Sec. 2).

Full Bill Text