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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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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.
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.
Tuesday, Nov 26, 2024 at 4:00 p.m. ET
Zoom
Online Event
Tuesday, Dec 3, 2024 at 10:30 a.m. ET
East Providence Senior Center (Meeting Room)
East Providence, RI
Tuesday, Dec 3, 2024 at 4:00 p.m. ET
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </h1></header> <div class="posted-on"> Posted on 06/28/24 by <b>Natalie Missakian</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><p><br><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/trabajo-ahorro-jubilacion" target="_blank" rel="noopener noreferrer">En español</a></span></span> | Rhode Island has<span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/states-with-automatic-ira-savings-programs.html" target="_blank" rel="noopener noreferrer"> joined 19 other states</a></span></span> in enacting AARP-backed legislation to help private-sector workers save for retirement through their jobs.<br><br>We applaud Gov. Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. 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}); </script> </div> </div> ', 'scripts_for_layout' => '<title>Rhode Island Governor Signs AARP-Backed Retirement Savings Bill </title> <meta name="page_title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="robots" content="noindex, nofollow"/> <meta content="En español | Rhode Island has joined 19 other states in enacting AARP-backed legislation to help private-sector workers save for retirement through their" name="description"/> <meta content="Rhode, Island, Governor, Signs, AARP, Backed, Retirement, Savings, Bill" name="keywords"/> <link rel="canonical" href="https://states.aarp.org/rhode-island/work-and-save-retirement" /> <meta property="og:url" content="https://vccstaging.local.aarp.org/news/rhode-island-governor-signs-aarpbacked-retirement-savings-bill-ri-2024-06-28.html"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta name="twitter:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Rhode Island Governor Signs AARP-Backed Retirement Savings Bill "/> <meta property="og:description" content="The Ocean State is one of 20 that have passed laws creating state-facilitated retirement savings programs to help workers build their nest eggs."/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/0aa74b3/2147483647/strip/true/crop/1019x655+61+0/resize/420x270!/quality/90/?url=https%3A%2F%2Faarp.widen.net%2Fcontent%2Fibb64pva6n%2Fjpeg%2F1140-102155-RhodeIsland-Auto-IRA.jpg%3Fcrop%3Dtrue%26anchor%3D0%2C0%26q%3D80%26color%3Dffffffff%26u%3Dovnylx%26w%3D1140%26h%3D655"/> :root { --primaryColor: #ff1e3c; 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Daniel McKee for signing a bill into law June 27 that will create <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span>, a state-facilitated auto-IRA retirement savings program.<br><br>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).<br><br>Under the legislation, participating workers would contribute to a state-sponsored <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/ira-contribution-limits.html" target="_blank" rel="noopener noreferrer">Individual Retirement Account (IRA)</a></span></span> through automatic payroll deductions.<br><br>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.<br><br>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.<br><br>“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.”<br><br>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. <br><br>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 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/missouri-vermont-retirement-savings-bills" target="_blank" rel="noopener noreferrer">all passed work-and-save laws</a></span></span> last year. AARP-backed savings programs in <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.nj.gov/treasury/securechoiceprogram/board-info.shtml" target="_blank" rel="noopener noreferrer">New Jersey</a></span></span> and <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://treasurer.delaware.gov/earns/" target="_blank" rel="noopener noreferrer">Delaware</a></span></span> are launching this summer after those states enacted laws in 2019 <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://blog.aarp.org/fighting-for-you/delaware-earns-retirement-savings-program" target="_blank" rel="noopener noreferrer">and 2022</a></span></span>, respectively.<br><br>Read more about <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://states.aarp.org/rhode-island/secure-choice-your-questions-answered" target="_blank" rel="noopener noreferrer">Rhode Island Secure Choice</a></span></span> and keep up with AARP’s <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/" target="_blank" rel="noopener noreferrer">retirement coverage</a></span></span>. Visit our <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/pri/initiatives/state-retirement-resource-center/" target="_blank" rel="noopener noreferrer">State Retirement Resource Center</a></span></span> for more information about state-facilitated retirement savings programs.<br><br><i>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</i> New Haven Register <i>and daily newspapers in Ohio</i>. <i>She has also written for the</i> AARP Bulletin,<i> the</i> Hartford Business Journal <i>and other publications</i>.<br><br></p><span class="Enhancement" ><span class="Enhancement-item"><h2 class="inline-heading">Also of Interest:</h2></span></span><p></p><ul><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/politics-society/advocacy/info-2024/tax-credit-retirement-savers.html" target="_blank" rel="noopener noreferrer">AARP Backs Proposed Tax Credit to Help Retirement Savers</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/rise-in-401k-benefits.html" target="_blank" rel="noopener noreferrer">State Programs, Federal Incentives Spur Rise in 401(k)s</a></span></span></li><li><span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html" target="_blank" rel="noopener noreferrer">New Retirement Plan Rules May Help You Save in 2024</a></span></span></li></ul></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Rhode Island. Visit the <a href="https://states.aarp.org/region/rhode-island/" target="_blank">AARP Rhode Island</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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