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Weldona, CO
Change City

Rhode Island Governor Signs AARP-Backed Retirement Savings Bill

Posted on 06/28/24 by Natalie Missakian


En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.

We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create Rhode Island Secure Choice, a state-facilitated auto-IRA retirement savings program.

The program, also known as “work and save,” will help roughly 172,000 Rhode Islanders who currently lack access to a workplace retirement savings plan such as a 401(k).

Under the legislation, participating workers would contribute to a state-sponsored Individual Retirement Account (IRA) through automatic payroll deductions.

Employers with five or more workers that don’t already offer a retirement savings plan would be required to enroll employees in the plan, unless the worker opts out. Employees can change their contributions at any time, and the benefit stays with the worker if they change jobs.

The bill passed with strong bipartisan support after four years of AARP advocacy, said Matthew Netto, AARP Rhode Island advocacy director. The state is eyeing a 2026 launch of the program, which is still in the planning stages. The auto-IRA plan would be overseen by a state-appointed board and managed by a private financial firm.

“AARP Rhode Island commends House and Senate leadership for uniting on this vital legislation that will make it easier for workers to build towards a secure retirement and plan for their futures,” said Catherine Taylor, AARP Rhode Island state director. “Hardworking Rhode Islanders deserve to retire with dignity.”

Research shows Americans are far more likely to save when they can do so at work, especially if the saving is done through automatic payroll deductions.

AARP has worked to pass similar programs in states around the country as part of our efforts to ensure financial security for older adults. Nevada, Minnesota, Missouri and Vermont all passed work-and-save laws last year. AARP-backed savings programs in New Jersey and Delaware are launching this summer after those states enacted laws in 2019 and 2022, respectively.

Read more about Rhode Island Secure Choice and keep up with AARP’s retirement coverage. Visit our State Retirement Resource Center for more information about state-facilitated retirement savings programs.

Natalie Missakian covers federal and state policy and writes AARP’s Fighting for You Every Day blog. She previously worked as a reporter for the New Haven Register and daily newspapers in Ohio. She has also written for the AARP Bulletin, the Hartford Business Journal and other publications.

Also of Interest:

This story is provided by AARP Rhode Island. Visit the AARP Rhode Island page for more news, events, and programs affecting retirement, health care, and more.

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