Vote Smart's Synopsis:

Vote to pass a bill that requires private sector employers with 5 or more employees to offer a retirement plan to their employees in Rhode Island.

Highlights:

• Requires private sector employers with 5 or more employees to offer a retirement plan to their employees in Rhode Island by creating a state-facilitated IRA-based retirement program designed to be exempt from ERISA (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 best practices for retirement savings vehicles (Sec. 1).

• Specifies the general treasurer is responsible for encouraging employee participation and ensuring the ease of 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 requires private sector employers with 5 or more employees to offer a retirement plan to their employees in Rhode Island.

Highlights:

• Requires private sector employers with 5 or more employees to offer a retirement plan to their employees in Rhode Island by creating a state-facilitated IRA-based retirement program designed to be exempt from ERISA (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 best practices for retirement savings vehicles (Sec. 1).

• Specifies the general treasurer is responsible for encouraging employee participation and ensuring the ease of 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