PROVIDENCE - More than 500 employers have joined RISavers, the state’s first public-retirement savings program for private-sector workers, since its launch about three months ago, General Treasurer James A. Diossa said on Tuesday.
Private employers with five or more employees who do not offer a retirement plan are required to provide access to the program. More than 2,800 employees statewide have begun savings through the program since its October launch.
“RISavers is already delivering on its promise to help more Rhode Islanders build financial security for their future,” Diossa said in a news release. “This program has connected thousands of workers, many for the first time, to a simple and affordable way to save for retirement.”
Employers register at no cost. Their employees are automatically enrolled but can opt out at any time. Employees of businesses with less than five workers can participate by signing up directly online at
www.RISavers.gov. Employees own their savings, decide their contribution amounts through automatic payroll deductions and can carry savings with them when they change jobs.
The program is overseen by the Office of the General Treasurer and administered by Vestwell State Savings. Vestwell runs similar programs in at least 10 other states.
Rhode Island's program was announced in 2024 in partnership with Connecticut, which has a similar program.