PROVIDENCE – More than 4 in 10 Rhode Island workers don’t have access to retirement savings plans through their job.
Legislation recently introduced in the General Assembly would change that. Companion bills introduced by Sen. Meghan E. Kallman, D-Pawtucket, and Rep. Evan P. Shanley, D-Warwick, would let all workers contribute up to 8% of their pre-tax pay to individual savings accounts at no cost to their employers. Workers would be able to choose how much and how they want to invest – ranging from “conservative” to “aggressive” investment plans – and be able to transfer their savings plans when they change jobs, according to the legislation.
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The “secure choice” proposal has drawn support from the R.I. Office of the General Treasurer, along with advocacy groups such as AARP Rhode Island, the Latino Policy Institute, the Service Employees International Union, Progreso Latino, the Working Families Party, the Rhode Island Hispanic Chamber of Commerce and the Rhode Island Black Business Association, according to a statement from the General Assembly.
The bills, introduced this month, have been referred to the House Corporations and Senate Finance committees. No hearings have been scheduled.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
