Rhode IslandH74752026 Regular SessionHouseWALLET

AN ACT RELATING TO PUBLIC FINANCE -- RHODE ISLAND SECURE CHOICE RETIREMENT SAVINGS PROGRAM ACT .

Sponsored By: Evan P. Shanley (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

State retirement savings for Rhode Island workers

Rhode Island now runs a workplace retirement savings program for private workers. If you are 18 or older and have worked at least 120 days for a covered employer, you are enrolled automatically unless you opt out. The Treasurer may set a default contribution rate; you can change your rate anytime with 30 days’ notice. People not covered by an eligible employer can join during open enrollment and can leave with 30 days’ notice. The program offers a small set of long‑term investments, provides education and advice, and the State Investment Commission reviews options at least every three years.

Deadlines for employers to offer payroll savings

After the Treasurer opens enrollment, employers with five or more employees and no qualifying plan must set up payroll deductions for RISavers. Deadlines: over 100 eligible employees within 12 months; over 50 within 24 months; remaining eligible employers within 36 months. The Treasurer can extend these deadlines. Employers that already offer a federally qualified plan (for example, a 401(k), 403(b), 457(b), SEP, SIMPLE, defined benefit) or a payroll‑deduction IRA are exempt. Employers with fewer than five employees may choose to opt in but are not required.

State taxes on RISavers earnings delayed

If you have money in RISavers, Rhode Island does not tax interest, dividends, or capital gains while the money stays invested. State income tax on these earnings applies when you withdraw the funds.

Sponsors & Cosponsors

Sponsor

Evan P. Shanley
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 70 • No: 0

House vote • 4/14/2026

RI RETIRE. SAVINGS PROGRAM ACT PASSAGE