2024 -- S 2045 AS AMENDED | |
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LC003596 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
____________ | |
A N A C T | |
RELATING TO PUBLIC FINANCE -- RHODE ISLAND RETIREMENT SAVINGS | |
PROGRAM ACT | |
| |
Introduced By: Senators Kallman, F. Lombardi, Ruggerio, Murray, Cano, Acosta, | |
Date Introduced: January 12, 2024 | |
Referred To: Senate Finance | |
(General Treasurer) | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Title 35 of the General Laws entitled "PUBLIC FINANCE" is hereby |
2 | amended by adding thereto the following chapter: |
3 | CHAPTER 23 |
4 | RHODE ISLAND SECURE CHOICE RETIREMENT SAVINGS PROGRAM ACT |
5 | 35-23-1. Short title. |
6 | This chapter shall be known and may be cited as the "Rhode Island Secure Choice |
7 | Retirement Savings Program Act." |
8 | 35-23-2. Definitions. |
9 | As used in this chapter: |
10 | (1) “Eligible employee” means a person age eighteen (18) years or older who is employed |
11 | by an eligible or optional employer and has been employed for a period of not less than one hundred |
12 | twenty (120) days. “Eligible employee” does not include: |
13 | (i) Any employee covered under the federal Railway Labor Act (45 U.S.C. §§ 151-164 and |
14 | 45 U.S.C §§ 181-188), or any employee engaged in interstate commerce not subject to the |
15 | legislative powers of the state, except insofar as application of this chapter is authorized under the |
16 | United States Constitution or laws of the United States; or |
17 | (ii) Any employee on whose behalf an employer makes contributions to a Taft-Hartley |
18 | pension trust fund. |
| |
1 | (2) “Eligible employer” means a person or entity engaged in a business, industry, |
2 | profession, trade, or other enterprise in the state, whether for-profit or not-for-profit, excluding the |
3 | federal government, the state, any municipal corporation, or any of the state's units or |
4 | instrumentalities, that has five (5) or more employees and that satisfies the requirements to establish |
5 | or participate in a payroll deposit retirement savings arrangement. “Eligible employer” does not |
6 | include an employer that provides a tax qualified retirement savings program as described in § 35- |
7 | 23-10. |
8 | (3) “IRA” means an individual retirement account or individual retirement annuity under |
9 | 26 U.S.C §§ 408 or 408A (the federal Internal Revenue Code). |
10 | (4) “Optional employer” means a person or entity engaged in a business, industry, |
11 | profession, trade, or other enterprise in the state, whether for-profit or not-for-profit, excluding the |
12 | federal government, the state, any municipal corporation, or any of the state’s units or |
13 | instrumentalities, that has under five (5) employees. |
14 | (5) “Participating employer” means an eligible or optional employer that provides a payroll |
15 | deposit retirement savings arrangement provided for by this chapter for eligible employees. |
16 | (6) “Payroll deposit retirement savings arrangement” means an arrangement by which an |
17 | employer allows employees to remit payroll deduction contributions to the RISavers retirement |
18 | savings program. |
19 | (7) “RISavers retirement savings program” or “program” means a retirement savings |
20 | program offered by the Rhode Island secure choice retirement savings program. |
21 | (8) “State investment commission” or “commission” means the state investment |
22 | commission established pursuant to the provisions of § 35-10-1. |
23 | 35-23-3. Rhode Island secure choice retirement savings program. |
24 | (a) There is hereby established a retirement savings program known as the Rhode Island |
25 | secure choice retirement savings program to be administered by the office of the general treasurer |
26 | for the purpose of promoting greater retirement savings for Rhode Island private sector employees |
27 | in a convenient, voluntary, low-cost, and portable manner. |
28 | (b) The secure choice retirement savings program is a plan in which retirement savings are |
29 | accumulated in individual accounts for the exclusive benefit of the participants or their |
30 | beneficiaries. The program shall be functionally implemented upon receipt of funds pursuant to the |
31 | provisions of this chapter. |
32 | 35-23-4. Investments. |
33 | (a) The office of the general treasurer may select an appropriate third-party administrator(s) |
34 | for the program and shall adopt such plan, trust and/or custodial documents, with such features and |
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1 | attributes as the office of the general treasurer determines necessary or advisable in its discretion |
2 | to effectuate the provisions of this chapter in accordance with the following: |
3 | (1) The office of the general treasurer may select one or more firm(s) or company(ies) to |
4 | provide retirement program investments, program administration, and communication services to |
5 | employees who participate in the retirement savings program. The program shall provide for |
6 | appropriate long-term retirement-oriented investments and shall include investment options as |
7 | determined by the state investment commission. In determining the firm(s) or the company(ies) to |
8 | provide these services, the office of the general treasurer shall consider the following: |
9 | (i) The financial stability of the company or firm; |
10 | (ii) The cost of the investments, program administration, and services to the members; |
11 | (iii) The experience of the company or firm in administering retirement savings plans; |
12 | (iv) The experience of the company or firm in providing education, counseling, and advice |
13 | to participants of retirement savings plans; and |
14 | (v) Any criminal convictions, securities or antitrust law violations, material civil or |
15 | regulatory fines or judgments against the company or firm which the company or firm shall be |
16 | required to disclose to the office of the general treasurer and the commission as part of the selection |
17 | process. |
18 | (2) The program shall provide education, counseling, and objective employee-specific plan |
19 | advice to participants. |
20 | (3) The program shall include a limited number of investment options which shall include |
21 | either: |
22 | (i) Investment portfolio options that are constructed to reflect different risk profiles such |
23 | as conservative, moderate and aggressive; and/or |
24 | (ii) Options constructed to reflect different risk profiles that automatically reallocate and |
25 | rebalance contributions as an employee ages. There shall be investment options that prioritize the |
26 | securities of companies that demonstrate good governance, efficient use of environmental resources |
27 | and thoughtful management of social impact. All investment offerings shall be approved by the |
28 | state investment commission. |
29 | (b) The Rhode Island secure choice retirement savings program is an instrumentality of the |
30 | state. Any security issued, managed, or invested by the state investment commission within the |
31 | Rhode Island secure choice retirement savings program on behalf of an individual participating |
32 | within the RISavers retirement savings program shall be state income tax deferred for investment |
33 | earnings to include interest, dividends and capital gains until such time as withdrawal pursuant to |
34 | the terms of this chapter. |
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1 | (c) The third-party administrator(s) shall adopt a written statement of investment policy |
2 | that includes a risk management and oversight program. The state investment commission shall |
3 | consider the statement of investment policy and any changes in the investment policy at a public |
4 | meeting. |
5 | 35-23-5. Payroll deduction. |
6 | The RISavers retirement savings program shall include, as determined by the office of the |
7 | general treasurer, one or more payroll deduction IRA arrangements. |
8 | 35-23-6. Powers of the office of the general treasurer. |
9 | (a) The office of the general treasurer shall have the power and authority to do all of the |
10 | following: |
11 | (1) Adopt a seal and change and amend it from time to time; |
12 | (2) Make provisions for the payment of costs of administration and operation of the |
13 | program; |
14 | (3) Retain and contract with a Rhode Island public retirement system, consultants, |
15 | actuaries, counsel, auditors, and other professionals as necessary; |
16 | (4) Procure insurance against any loss in connection with the property, assets, or activities |
17 | of the program; |
18 | (5) Set minimum and maximum contribution levels in accordance with contribution limits |
19 | set for IRAs by the Internal Revenue Code; |
20 | (6) Collaborate and cooperate with private financial institutions, service providers, and |
21 | business, financial, trade, membership, and other organizations to the extent necessary or desirable |
22 | for the effective and efficient design, implementation, and administration of the program and to |
23 | maximize outreach to eligible or optional employers and eligible employees; |
24 | (7) Collaborate with, and evaluate the role of, licensed insurance agents and financial |
25 | advisors in assisting and providing guidance for eligible employees; |
26 | (8) Cause expenses incurred to initiate, implement, maintain, and administer the program |
27 | to be paid from contributions to, or investment returns or assets of, the program or arrangements |
28 | established under the program, to the extent permitted under state and federal law; |
29 | (9) Facilitate compliance by the retirement savings program or arrangements established |
30 | under the program with all applicable requirements for the program under the Internal Revenue |
31 | Code of 1986, including tax qualification requirements or any other applicable law and accounting |
32 | requirements, including providing or arranging for assistance to program sponsors and individuals |
33 | in complying with applicable law and tax qualification requirements in a cost-effective manner; |
34 | (10) Carry out the duties and obligations of the Rhode Island secure choice retirement |
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1 | savings program pursuant to this title and exercise any and all other powers as appropriate for the |
2 | effectuation of the purposes, objectives, and provisions of this title pertaining to the program; |
3 | (11) Enter into intergovernmental agreements with any state agency to further the |
4 | successful implementation and operation of the program and all such agencies and instrumentalities |
5 | shall cooperate with the office of the general treasurer. All state agencies shall cooperate as |
6 | requested by the program in the performance of its duties under this chapter, including, unless |
7 | otherwise prohibited, the sharing of relevant data as the parties shall mutually agree; |
8 | (13) Make and enter into contracts, agreements, memoranda of understanding, |
9 | arrangements, partnerships, or other arrangements to collaborate, cooperate, coordinate, contract, |
10 | or combine resources, investments, or administrative functions with other governmental entities, |
11 | including any states or their agencies or instrumentalities that maintain or are establishing |
12 | retirement savings programs compatible with the program, including collective, common, or pooled |
13 | investments with other funds of other states’ programs with which the assets of the program and |
14 | trust are permitted by law to be collectively invested, to the extent necessary or desirable for the |
15 | effective and efficient design, administration, and implementation of the program consistent with |
16 | the purposes set forth in this title, including the purpose of achieving economies of scale and other |
17 | efficiencies designed to minimize costs for the program and its participants; and |
18 | (14) Develop and implement an investment policy that defines the program’s investment |
19 | objectives, consistent with the objectives of the program, and that provides for policies and |
20 | procedures consistent with those investment objectives. The office of the general treasurer shall |
21 | designate appropriate default investments that include a mix of asset classes, such as target date |
22 | and balanced funds. The office of the general treasurer shall seek to minimize participant fees and |
23 | expenses of investment and administration. The office of the general treasurer shall strive to design |
24 | and implement investment options available to holders of accounts established as part of the |
25 | program and other program features that are intended to achieve maximum possible income |
26 | replacement balanced with an appropriate level of risk in an IRA-based environment consistent |
27 | with the investment objectives under the policy. The investment options may encompass a range |
28 | of risk and return opportunities and allow for a rate of return commensurate with an appropriate |
29 | level of risk in view of the investment objectives under the policy. The menu of investment options |
30 | shall be determined taking into account the nature and objectives of the program, the desirability |
31 | (based on behavioral research findings) of limiting investment choices under the program to a |
32 | reasonable number, and the extensive investment choices available to participants in the event that |
33 | they roll over to an IRA outside the program. |
34 | (b) The office of the general treasurer shall adopt regulations it deems necessary to |
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1 | implement this chapter consistent with the Internal Revenue Code and regulations issued pursuant |
2 | to that code to ensure that the program meets all criteria for federal tax-deferral or tax-exempt |
3 | benefits, or both. |
4 | 35-23-7. Additional authority of the office of the general treasurer. |
5 | In addition to the powers and authority granted to the office of the general treasurer |
6 | pursuant to § 35-23-6, the office of the general treasurer shall have the power and authority to do |
7 | the following: |
8 | (1) Cause the retirement savings program or arrangements established under the program |
9 | to be designed, established, and operated, in a manner consistent with all of the following: |
10 | (i) In accordance with best practices for retirement savings vehicles; |
11 | (ii) To encourage participation, saving, and sound investment practices; and |
12 | (iii) With simplicity, ease of administration for participating employers, and portability of |
13 | benefits; |
14 | (2) Disseminate educational information designed to educate participants about the benefits |
15 | of planning and saving for retirement and information to help them decide the level of RISavers |
16 | retirement savings program participation and savings strategies that may be appropriate for them; |
17 | (3) Disseminate information concerning state and federal tax credits available to small |
18 | business owners for allowing their employees to participate in the program, and any relevant state |
19 | or federal tax credits available for participating employees; |
20 | (4) Submit progress and status reports to participating employees; |
21 | (5) If necessary, determine the eligibility of an employer, employee, or other individual to |
22 | participate in the program; |
23 | (6) Evaluate and establish the process by which an eligible employee of an eligible or |
24 | optional employer is able to contribute a portion of their salary or wages to the program for |
25 | automatic deposit of those contributions and the participating employer provides a payroll deposit |
26 | retirement savings arrangement to forward the employee contribution and related information to |
27 | the program or its agents. This evaluation and process may include, but is not limited to, financial |
28 | services companies and third-party administrators with the capability to receive and process |
29 | employee information and contributions for payroll deposit retirement savings arrangements or |
30 | other arrangements authorized by this chapter; |
31 | (7) Design and establish the process for the enrollment of program participants; |
32 | (8) Allow participating employers to use the program to remit employees' contributions to |
33 | their IRAs on their employees’ behalf; and |
34 | (9) Evaluate and establish the process by which an employee of an optional employer may |
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1 | enroll in and make contributions to the program. |
2 | 35-23-8. Disclosure of information. |
3 | (a) Prior to opening the RISavers retirement savings program for enrollment, the office of |
4 | the general treasurer shall design and disseminate to employers an employee information packet |
5 | that shall also be made available in an electronic format. The packet shall include background |
6 | information on the program and appropriate disclosures for employees. |
7 | (b) The disclosure form shall include, but not be limited to, all of the following: |
8 | (1) The benefits and risks associated with making contributions to the program; |
9 | (2) The mechanics of how to make contributions to the program; |
10 | (3) How to opt out of the program; |
11 | (4) The process for withdrawal of retirement savings; and |
12 | (5) How to obtain additional information on the program. |
13 | (c) In addition, the disclosure form shall clearly articulate the following: |
14 | (1) Employees seeking financial advice should contact financial advisors in that employers |
15 | do not provide financial advice, that employees are not to contact their employers for financial |
16 | advice, and that employers are not liable for employee investment decisions; |
17 | (2) This retirement program is not sponsored by the employer, and therefore, the employer |
18 | is not responsible for the program or liable as a program sponsor; and |
19 | (3) The program fund is not guaranteed by the state. |
20 | (d) The disclosure form shall include a method for the employee to acknowledge that the |
21 | employee has read all of the disclosures and understands their content. |
22 | (e) The employee information packet shall also include an opt-out form for an eligible |
23 | employee to note their decision to opt out of participation in the program. The opt-out form shall |
24 | be simple and concise and drafted in a manner that the office of the general treasurer deems |
25 | necessary to appropriately evidence the employee's understanding that they are choosing not to |
26 | automatically deduct earnings to save for retirement. |
27 | (f) The employee information packet with the disclosure and opt-out forms shall be made |
28 | available to eligible employees by the RISavers retirement savings program and supplied to |
29 | employees no later than one hundred twenty (120) days after hiring. All new employees shall |
30 | review the packet and acknowledge having received it. |
31 | (g) The employee information packet with the disclosure and opt-out forms shall be |
32 | supplied to existing employees when the program is initially launched for a participating employer. |
33 | 35-23-9. Employer participation. |
34 | (a) After the office of the general treasurer opens the RISavers retirement savings program |
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1 | for enrollment, eligible employers shall have a payroll deposit retirement savings arrangement to |
2 | allow employee participation in the program under the terms and conditions prescribed by the office |
3 | of the general treasurer. |
4 | (b) Within twelve (12) months after the office of the general treasurer opens the program |
5 | for enrollment, eligible employers with more than one hundred (100) eligible employees and that |
6 | do not offer a retirement savings program pursuant to subsection (g) of this section shall have a |
7 | payroll deposit retirement savings arrangement to allow employee participation in the program. |
8 | (c) Within twenty-four (24) months after the office of the general treasurer opens the |
9 | program for enrollment, eligible employers with more than fifty (50) eligible employees and that |
10 | do not offer a retirement savings program pursuant to subsection (g) of this section shall have a |
11 | payroll deposit retirement savings arrangement to allow employee participation in the program. |
12 | (d) Within thirty-six (36) months after the office of the general treasurer opens the |
13 | program for enrollment, all other eligible employers that do not offer a retirement savings program |
14 | pursuant to subsection (g) of this section shall have a payroll deposit retirement savings |
15 | arrangement to allow employee participation in the program. |
16 | (e) The office of the general treasurer, in its discretion, may extend the time limits defined |
17 | in subsections (b) through (d) of this section. |
18 | (f)(1) Each eligible employee shall be enrolled in the program unless the employee elects |
19 | not to participate in the program. An eligible employee may elect to opt out of the program at any |
20 | time by making a notation on the opt-out form. |
21 | (2) Following initial implementation of the program pursuant to this section, at least once |
22 | every year, the office of the general treasurer shall designate an open enrollment period during |
23 | which eligible employees that previously opted-out of the program may enroll in the program. |
24 | (3) An employee who elects to opt out of the program who subsequently elects to |
25 | participate through the employer's payroll deposit retirement savings arrangement may enroll at |
26 | any time. |
27 | (g)(1) An employer that provides an employer-sponsored retirement plan, such as a defined |
28 | benefit plan or a 401(k), 403(b), 457(b), simplified employee pension (SEP) plan, or savings |
29 | incentive match plan for employees (SIMPLE) plan, or that offers an automatic enrollment payroll |
30 | deduction IRA, shall be exempt from the requirements of the RISavers retirement savings program, |
31 | if the plan or IRA qualifies for favorable federal income tax treatment under the federal Internal |
32 | Revenue Code. |
33 | (2) An employer shall retain the option at all times to set up and offer a tax-qualified |
34 | retirement plan, instead of facilitating employee participation in the RISavers retirement savings |
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1 | program. |
2 | (h)(1) Following initial implementation of the program pursuant to this section, and at least |
3 | once every year, the general treasurer shall designate an open enrollment period during which |
4 | optional employers may enroll in the program. |
5 | (2) An optional employer that enrolls in the program may elect to opt out of the program |
6 | upon thirty (30) days’ notice provided to employees and to the office of the general treasurer. |
7 | (i) By regulation, the office of the general treasurer may set a default contribution rate, |
8 | unless otherwise specified by the employee. Employees shall have the ability to change their |
9 | contribution rate at any time with thirty (30) days’ notice provided to the office of the general |
10 | treasurer. |
11 | 35-23-10. Employer liability protection. |
12 | (a) Employers shall not have any liability for an employee's decision to participate in, or |
13 | opt out of, the RISavers retirement savings program, or for the investment decisions of employees |
14 | whose assets are deposited in the program. |
15 | (b) Employers shall not be a fiduciary, or considered to be a fiduciary, over the Rhode |
16 | Island secure choice retirement savings program. The program is a state-administered program, not |
17 | an employer-sponsored program. If the program is subsequently found to be preempted by any |
18 | federal law or regulation, employers shall not be liable as program sponsors. An employer shall not |
19 | bear responsibility for the administration, investment, or investment performance of the program. |
20 | An employer shall not be liable with regard to investment returns, program design, and benefits |
21 | paid to program participants. |
22 | (c) An employer shall not have civil liability, and no cause of action shall arise against an |
23 | employer, for acting pursuant to the regulations prescribed by the office of the general treasurer |
24 | defining the roles and responsibilities of employers that have a payroll deposit retirement savings |
25 | arrangement to allow employee participation in the program. |
26 | 35-23-11. State immunity. |
27 | The state shall not have any liability for the payment of the retirement savings benefit |
28 | earned by program participants pursuant to this chapter. The state, and any of the funds of the state, |
29 | shall have no obligation for payment of the benefits arising from this chapter. |
30 | 35-23-12. Annual audited financial report. |
31 | (a) The office of the general treasurer shall submit, no later than December 31 annually, an |
32 | audited financial report, prepared in accordance with generally accepted accounting principles, on |
33 | the operations of the Rhode Island secure choice retirement savings program to the governor, and |
34 | the finance committees of the house and senate. The annual audit shall be made by an independent |
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1 | certified public accountant and shall include, but not be limited to, direct and indirect costs |
2 | attributable to the use of outside consultants, independent contractors, and any other persons who |
3 | are not state employees. |
4 | (b) The annual audit shall be supplemented by the following information prepared by the |
5 | office of the general treasurer: |
6 | (1) Any studies or evaluations prepared in the preceding year; |
7 | (2) A summary of the benefits provided by the program including the number of |
8 | participants in the program; and |
9 | (3) Any other information that is relevant in order to make a full, fair, and effective |
10 | disclosure of the operations of the Rhode Island secure choice retirement savings program. |
11 | 35-23-13. Required favorable federal tax treatment. |
12 | (a) The office of the general treasurer shall not implement the program if the IRA |
13 | arrangements offered fail to qualify for the favorable federal income tax treatment ordinarily |
14 | accorded to IRAs under the Internal Revenue Code, or if it is determined that the program is an |
15 | employee benefit plan under the federal Employee Retirement Income Security Act. |
16 | (b) Prior to opening the program for enrollment, the office of the general treasurer shall |
17 | report to the governor and the finance committees of the house and senate the specific date on |
18 | which the program will start to enroll program participants and that the following prerequisites and |
19 | requirements for the program have been met: |
20 | (1) The program is structured in a manner to keep the program from being classified as an |
21 | employee benefit plan subject to the federal Employee Retirement Income Security Act; |
22 | (2) The payroll deduction IRA arrangements offered by the program qualify for the |
23 | favorable federal income tax treatment ordinarily accorded to IRA arrangements under the Internal |
24 | Revenue Code; |
25 | (3) The office of the general treasurer has defined in regulation the roles and responsibilities |
26 | of employers in a manner to keep the program from being classified as an employee benefit plan |
27 | subject to the federal Employee Retirement Income Security Act; and |
28 | (4) The office of the general treasurer has adopted a third-party administrator operational |
29 | model that limits employer interaction and transactions with the employee to the extent feasible. |
30 | 35-23-14. Duties of the office of the general treasurer. |
31 | The office of the general treasurer, commission, and the program administrator and staff, |
32 | including, contract administrators and consultants, shall discharge their duties as fiduciaries with |
33 | respect to the program for the exclusive purposes of providing benefits to program participants and |
34 | defraying reasonable expenses of administering the program. |
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1 | 35-23-15. Penalties. |
2 | (a) The office of the general treasurer shall have the power and duties necessary to |
3 | administer the enforcement of employer compliance with this chapter, including the ability to |
4 | impose penalties. |
5 | (b)(1) The office of the general treasurer shall issue a notice of noncompliance to each |
6 | employer that fails to allow its eligible employees to participate in the Rhode Island secure choice |
7 | savings retirement program pursuant to this title. |
8 | (2) Each eligible employer that, without good cause, fails to allow its eligible employees |
9 | to participate in the program within thirty (30) days from the date the notice of penalty was issued, |
10 | shall be subject to a penalty of two hundred fifty dollars ($250) per eligible employee. Proceeds of |
11 | such penalties, after deducting enforcement expenses, shall be deposited for the benefit of the |
12 | program. |
13 | (c) The department of labor and training shall assist the office of the general treasurer in |
14 | its enforcement of this chapter. |
15 | 35-23-16. Rules and regulations. |
16 | The office of the general treasurer may adopt rules and regulations to implement this |
17 | chapter. |
18 | 35-23-17. Effect on benefit means test. |
19 | A payroll deposit IRA arrangement offered pursuant to the RISavers retirement savings |
20 | program shall have the same status as, and be treated consistently with, any other IRA for the |
21 | purpose of determining eligibility or benefit level for a program that uses a means test. |
22 | 35-23-18. Liberal Construction. |
23 | This chapter shall be construed liberally in order to effectuate its purpose. The purposes of |
24 | this chapter and all of its provisions with respect to the powers granted shall be broadly interpreted |
25 | to effectuate that intent and purposes and not as to any limitation of powers. |
26 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO PUBLIC FINANCE -- RHODE ISLAND RETIREMENT SAVINGS | |
PROGRAM ACT | |
*** | |
1 | This act would establish the Rhode Island secure choice retirement savings program |
2 | administered by the general treasurer, which shall promote greater retirement savings for Rhode |
3 | Island private sector employees in a convenient, voluntary, low-cost, and portable manner. The |
4 | general treasurer would be charged with collecting contributions through payroll deductions and |
5 | investing these funds in accordance with best practice for retirement savings vehicles. The general |
6 | treasurer would also be responsible for encouraging employee participation and ensuring ease of |
7 | administration for participating employers and portability of retirement benefits for participating |
8 | employees. The act would become effective for all eligible employers within thirty-six (36) months |
9 | of the general treasurer opening the program enrollment following a phased implementation period. |
10 | This act would take effect upon passage. |
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