Rhode Island is joining the list of states providing a state-run plan that affords private-sector employees retirement plan coverage if their employers do not.<\/p>\n
Gov. Daniel McKee (D) signed the Rhode Island Secure Choice Retirement Savings Program Act into law.<\/p>\n
Rhode Island Secure Choice will provide retirement plan coverage for eligible employees age 18 and over who work for an employer with five or more employees that does not offer a plan. Through Secure Choice, employees will contribute to a payroll-deduction IRA. They will be automatically enrolled but can opt-out.<\/p>\n
The timetable by which employers who have no plan, will have to enroll employees in the program is as follows:<\/p>\n
\u2022 Employers with more than 100 employees: within one year of the opening of the program<\/p>\n
\u2022 Employers with more than 50 employees: within two years of the opening of the program<\/p>\n
\u2022 All other employers: within three years of the opening of the program.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Rhode Island is joining the list of states providing a state-run plan that affords private-sector employees retirement plan coverage if their employers do not. Gov. Daniel McKee (D) signed the Rhode Island Secure Choice Retirement Savings Program Act into law. … Continue reading