Title 35
Public Finance

Chapter 23
Rhode Island Secure Choice Retirement Savings Program Act

§ 35-23-8. Disclosure of information.

(a) Prior to opening the RISavers retirement savings program for enrollment, the office of the general treasurer shall design and disseminate to employers an employee information packet that shall also be made available in an electronic format. The packet shall include background information on the program and appropriate disclosures for employees.

(b) The disclosure form shall include, but not be limited to, all of the following:

(1) The benefits and risks associated with making contributions to the program;

(2) The mechanics of how to make contributions to the program;

(3) How to opt out of the program;

(4) The process for withdrawal of retirement savings; and

(5) How to obtain additional information on the program.

(c) In addition, the disclosure form shall clearly articulate the following:

(1) Employees seeking financial advice should contact financial advisors in that employers do not provide financial advice, that employees are not to contact their employers for financial advice, and that employers are not liable for employee investment decisions;

(2) This retirement program is not sponsored by the employer, and therefore, the employer is not responsible for the program or liable as a program sponsor; and

(3) The program fund is not guaranteed by the state.

(d) The disclosure form shall include a method for the employee to acknowledge that the employee has read all of the disclosures and understands their content.

(e) The employee information packet shall also include an opt-out form for an eligible employee to note their decision to opt out of participation in the program. The opt-out form shall be simple and concise and drafted in a manner that the office of the general treasurer deems necessary to appropriately evidence the employee’s understanding that they are choosing not to automatically deduct earnings to save for retirement.

(f) The employee information packet with the disclosure and opt-out forms shall be made available to eligible employees by the RISavers retirement savings program and supplied to employees no later than one hundred twenty (120) days after hiring. All new employees shall review the packet and acknowledge having received it.

(g) The employee information packet with the disclosure and opt-out forms shall be supplied to existing employees when the program is initially launched for a participating employer.