Rhode Island General Treasurer James Diossa announced that the state has partnered with Connecticut to launch the RISavers Program, designed to help private-sector employees who do not have access to retirement plans through their employers.
The program will offer a Roth Individual Retirement Account IRA with employees automatically enrolled but given the option to opt out.
The initiative aims to address the lack of retirement savings options for over 170,000 Rhode Islanders.
Employees will have the flexibility to choose their risk preferences and contribution rates through payroll deductions, and the accounts will remain with employees even if they change jobs.
A pilot version of the program is scheduled for launch in 2025. Diossa highlighted that this collaboration represents a significant step toward closing the state’s retirement savings gap.