Rhode Island adults may enroll in the RISavers retirement program

Covered employers must arrange payroll deductions so eligible workers can contribute to RISavers. This covers Rhode Island businesses and other enterprises with at least five employees, except government employers and employers with a qualifying retirement plan. Employers that offer a qualifying tax-favored retirement plan are exempt and may offer that plan instead. The treasurer may extend the employer deadlines. The deadline is 12 months after enrollment opens for employers with more than 100 eligible employees, 24 months for those with more than 50, and 36 months for all other covered employers.

Eligible employees are enrolled in RISavers unless they opt out. Eligible employees are at least 18 years old and have worked for an eligible or optional employer for at least 120 days. The definition excludes certain workers covered by federal law and workers whose employer contributes to a Taft-Hartley pension trust. Workers may opt out at any time. Workers who opted out may rejoin during an annual enrollment period or enroll through their employer at any time. After the program first starts, the treasurer must set an open enrollment period for eligible employees at least once each year.

Adults who are not employed by an eligible employer may enroll in RISavers and later withdraw. This applies to people age 18 or older who are not employed by an eligible employer. A person who enrolls may withdraw by giving 30 days’ notice to their employer and the treasurer. After the program first starts, the treasurer must set an enrollment period for these adults at least once each year. Withdrawal takes effect after 30 days’ notice.