Governor Dan McKee has signed a bill to help private sector employees save for their retirement. Under the Secure Choice Retirement Savings Program, the General Treasurer will manage the plans and private employers without plans like a 401(k) will need to give employees access. Employees will own their savings, and they can decide on contributions through automatic payroll deductions.
“As our Administration works to raise incomes for all Rhode Islanders, it’s a no-brainer that we would establish the Secure Choice program that will ensure access to retirement savings plans and set our residents up for long-term financial success,” said Governor Dan McKee. “I commend Treasurer Diossa for making Secure Choice a top priority this legislative session and I thank the bill sponsors for their dedication to the financial security of all Rhode Islanders.”
“Secure Choice will transform retirement in our state and help the 40% of Rhode Island private sector employees with little or no retirement savings prepare for a comfortable, dignified life after work," said General Treasurer James A. Diossa. Thank you to the advocates who worked to pass this legislation, its lead sponsors Senator Kallman and Representative Shanley, and Governor McKee."
Employees will also be able to carry their savings with them if they change jobs.
(Photo: Governor McKee's Office)