The Rhode Island Secure Choice Retirement Savings Program Act (RISavers program), was enacted on June 26, 2024. The program is administered by the office of the General Treasurer. The Individual Retirement Account program is for private sector workers who do not have access to a qualified retirement plan through their employer.
The program is mandatory for employers with 5 or more employees that do not offer an ERISA qualified retirement option for its employees and optional for employers with fewer than 5 employees. The program is free of charge for all eligible employers. The program functions by allowing automatic payroll deductions to deposited directly into the employee’s IRA managed by the state treasurer’s office.
Employers that employ 5 or more workers and offer a qualified employer-sponsored retirement plan are not eligible to offer the RISavers program. Enrollment in the program is automatic for employees once the employer signs up. The benefits are portable and employees can opt out at any time.