2026 -- S 2920

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LC005199

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2026

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S E N A T E   R E S O L U T I O N

URGING STATE AGENCIES TO EXPAND ACCESS TO RETIREMENT ADVICE AND

GUIDANCE FOR RHODE ISLAND STATE EMPLOYEES TO ENSURE A SECURE AND

DIGNIFIED RETIREMENT

     Introduced By: Senators Pearson, Mack, Gallo, Tikoian, Lauria, Kallman, Euer, and
Zurier

     Date Introduced: March 04, 2026

     Referred To: Senate Labor & Gaming

     WHEREAS, The State of Rhode Island has established a hybrid retirement system

combining guaranteed lifetime income through a defined benefit component with the individual

control and portability of the defined contribution guaranteed lifetime income component; and

     WHEREAS, The challenge of managing both defined benefit and defined contribution

elements requires employees to make critical decisions throughout their careers that significantly

impact their ultimate retirement security; and

     WHEREAS, TIAA Institute research demonstrates that retirees need predictable income

to maintain their quality of life in retirement, and the retirement industry has established an 80

percent pre-retirement income replacement rate as the reliable benchmark for measuring whether

a retirement plan is poised to deliver a consistent standard of living and a confident retirement,

particularly as today's retirees face the reality of longer lifespans with potential retirement periods

extending to age 95 or beyond; and

     WHEREAS, Professional retirement advice provides benefits across all career stages,

helping younger workers harness compound interest, mid-career workers adjust plans after life

events, and pre-retirement workers understand withdrawal strategies and tax implications; and

     WHEREAS, State government has both the opportunity and responsibility to lead by

example by facilitating access to professional retirement advice for state employees,

demonstrating commitment to the long-term financial well-being of those who serve the public;

now, therefore be it

     RESOLVED, That this Senate of the State of Rhode Island hereby recognizes the critical

importance of professional retirement advice and urges all state agencies to develop or expand

comprehensive employee retirement advice and guidance programs that include regular

workshops, access to one-on-one certified financial counseling, clear decision-support tools, and

multiple communication channels; and be it further

     RESOLVED, That this Senate hereby encourages state agencies to prioritize advice

access for employee populations facing greater retirement preparation challenges; and be it

further

     RESOLVED, That this Senate hereby recommends state retirement system administrators

partner with qualified financial advice providers to ensure employees receive holistic guidance

addressing the full scope and benefits of their retirement plans; and be it further

     RESOLVED, That this Senate hereby encourages employees to consult with the state

retirement plan and/or state sanctioned financial advisor to assess if they are on track to receive

80 percent of their pre-retirement income when retired; and be it further

     RESOLVED, That this Senate hereby encourages the integration of technology-assisted

advice tools in coordination with human financial advisors; and be it further

     RESOLVED, That this Senate hereby recommends state agencies measure and report on

employee engagement and outcomes with retirement advice programs; and be it further

     RESOLVED, That this Senate hereby recognizes that maximizing employee retirement

outcomes requires ensuring employees understand their plans, make informed decisions

throughout their careers, and receive the continued professional guidance needed to achieve a

secure and dignified retirement; and be it further

     RESOLVED, That the Secretary of State be and hereby is authorized and directed to

transmit duly certified copies of this resolution to Governor Dan McKee, General Treasurer

James Diossa, and Andrew Roos, Executive Director of the Employees' Retirement System of

Rhode Island (ERSRI).

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LC005199

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