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Rhode IslandS30862026 Regular SessionSenateWALLET

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

Sponsored By: Meghan E. Kallman (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 2 benefits, 0 costs, 2 mixed.

RI taxes deferred on RISavers earnings

Earnings inside RISavers are not taxed by Rhode Island until you withdraw the money. This covers interest, dividends, and capital gains on investments managed by the State Investment Commission for RISavers. Federal tax rules are unchanged by this law.

Workers auto-enrolled in retirement savings

Eligible employees age 18+ with at least 120 days on the job are enrolled in RISavers unless they opt out. Excluded workers include those under the Railway Labor Act, certain interstate commerce jobs not under state power, and those with Taft‑Hartley pension contributions. You can opt out anytime by form. The Treasurer sets an annual open enrollment; optional employees can enroll then and may withdraw with 30 days’ notice to their employer and the Treasurer. The Treasurer sets a default contribution rate. You can change your rate anytime with 30 days’ notice. Payroll deductions lower take‑home pay unless you opt out or lower your rate.

New deadlines for employer retirement payroll setup

Most Rhode Island businesses with 5 or more employees must enable payroll deductions for RISavers unless they already offer a qualifying plan. Large employers (over 100 employees) must comply within 12 months, those with over 50 within 24 months, and all others within 36 months after enrollment opens. The Treasurer can extend these deadlines. Governments are excluded. Employers with fewer than five employees may join voluntarily. A participating employer lets workers send payroll-deducted contributions to RISavers.

Investment options, oversight, and guidance for RISavers

RISavers offers a small menu of choices, including conservative, moderate, aggressive, or age‑based options. The menu includes an option that favors companies with good governance, efficient environmental use, and social impact. The State Investment Commission reviews offerings at least every three years. The Treasurer picks program firms based on stability, cost, experience, and legal disclosures. Administrators must keep a written investment policy with risk controls, reviewed publicly at least every three years. Participants get education, counseling, and objective advice.

Sponsors & Cosponsors

Sponsor

  • Meghan E. Kallman

    Democratic • Senate

Cosponsors

  • Alana M. DiMario

    Democratic • Senate

  • Louis P. DiPalma

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 106 • No: 0

House vote • 6/8/2026

RETIREMENT SAVINGS PROGRAM ACT PASSAGE IN CONCURRENCE

Yes: 69 • No: 0

Senate vote • 6/4/2026

RETIREMENT SAVINGS PROGRAM ACT Passage

Yes: 37 • No: 0

Actions Timeline

  1. Signed by Governor — Chapter 397

    6/23/2026Governor

  2. Transmitted to Governor

    6/18/2026Governor

  3. House passed in concurrence

    6/8/2026House

  4. Placed on the House Consent Calendar (06/08/2026)

    6/5/2026House

  5. Senate read and passed

    6/4/2026Senate

  6. Placed on Senate Calendar (06/04/2026)

    6/2/2026Senate

  7. Committee recommends passage

    6/2/2026

  8. Scheduled for consideration (06/02/2026)

    5/29/2026

  9. Committee recommended measure be held for further study

    5/26/2026

  10. Scheduled for hearing and/or consideration (05/26/2026)

    5/22/2026

  11. Introduced, referred to Senate Finance

    3/13/2026Senate

Bill Text

  • S3086 - As Introduced

    3/13/2026

    HTMLPDF

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