Commission to study retirement accounts

PROVIDENCE – The General Assembly has approved creation of a commission to study the possibility of establishing a Universal Voluntary Retirement Account – a state-administered defined-contribution account for small employers – in Rhode Island.
The Assembly approved Senate bill S-0453, sponsored by Sen. William A. Walaska, D-Warwick, and House bill H-5696, introduced by Rep. Arthur Handy, D-Cranston. The legislation was introduced at the request of the R.I. Office of the General Treasurer.
Universal Voluntary Retirement Accounts can provide a cushion for workers approaching retirement that do not have significant savings, the legislators said in a news release. To date, no other states have established Universal Voluntary Retirement Accounts, but several, including Washington, Connecticut, Maryland, Virginia and West Virginia, are moving in that direction, Walaska and Handy said. &#8226