Nearly 200,000 working people in Rhode Island do not have access to an employer-provided retirement savings plan. This savings deficit could push the state over a costly retirement cliff resulting in …
Nearly 200,000 working people in Rhode Island do not have access to an employer-provided retirement savings plan. This savings deficit could push the state over a costly retirement cliff resulting in thousands of people dependent solely on Social Security and state assistance as their retirement income. Fortunately, legislation making its way through the General Assembly help alleviate this concern while also helping Rhode Islanders financially prepare for retirement.
The Secure Choice Act, sponsored by Sen. Meghan Kallman and Rep. Evan Shanley, would create a state-administered retirement savings program for private sector employees. The program would come at no cost to businesses and accounts would be fully portable for employees should they choose to switch jobs.
The average working person in Rhode Island can build up a healthy nest egg for their retirement by simply putting away a small fraction of each paycheck. Secure Choice would provide the means to help people save, without an added administrative or financial burden to small businesses or their employees.
Other states, both here in New England and across the country, have passed and implemented Secure Choice programs. Rhode Island should join them and help our working families save for a comfortable retirement.
I encourage you to join me in supporting this legislation. Call your legislators in the General Assembly and urge them to push for Secure Choice.
James A. Diossa
Rhode Island General Treasurer