R.I. treasurer signs interstate agreement for public retirement savings program

PROVIDENCE, R.I. (WLNE) — Rhode Island General Treasurer James Diossa said that the state treasury has entered into a partnership with Connecticut to offer a public retirement savings program for a private employees not offered a retirement plan by their eomployers.

The RISavers Program will offer a Roth Individual Retirement Account, and eligible employees will be automatically enrolled with the option to opt-out.

Diossa said that savings accounts under the program will follow employees even if they change jobs, and employees will be able to choose their risk preference and contribution rate as payroll deductions.

A pilot program is set to launch in 2025.

“Over 170,000 Rhode Islanders lack access to a retirement savings plan at work,” Diossa said. “With this strategic partnership, Rhode Island has taken the first step to closing the retirement savings gap.”