Rhode Island employers arrange payroll savings for eligible workers

Eligible employers must arrange payroll deductions so workers can take part in RISavers. Eligible employers have at least five employees and meet the program requirements; government employers are excluded. Employers with a qualifying tax-favored retirement plan or payroll deduction IRA are exempt. An employer may instead offer a tax-qualified retirement plan. The deadlines start when the treasurer opens enrollment. The treasurer may extend the deadlines for these employer groups.

Eligible employees are enrolled in RISavers unless they opt out. Eligible employees are at least 18 and have worked for an eligible or optional employer for at least 120 days. Certain workers covered by federal labor laws or a Taft-Hartley pension fund are excluded. Employees may opt out at any time. Those who opt out may rejoin during a yearly open period or at any time through their employer's payroll arrangement. The yearly open period begins after the program's initial rollout.

RISavers must offer worker guidance and investment choices, and the state investment commission must review program policies and offerings. These requirements apply to the RISavers program and its participants. Investment choices must reflect different risk levels or adjust as workers age. Some choices must prioritize companies with good governance, efficient use of environmental resources, and thoughtful management of social impact. The commission must consider the investment offerings and policy at least once every three years.