AN ACT RELATING TO PUBLIC FINANCE -- RHODE ISLAND SECURE CHOICE RETIREMENT SAVINGS PROGRAM ACT

Summary

The bill revises the Secure Choice retirement savings act by clarifying who counts as an eligible employee or employer, setting criteria for selecting investment administrators, and establishing timelines for employers to offer payroll‑deduction retirement accounts. It also adds opt‑out procedures, annual open‑enrollment periods, and a default contribution rate while confirming the program’s tax‑deferred status. The changes affect workers, businesses of all sizes, and the state agencies that run the program.

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