Rhode Island lawmakers passed a new state-based auto-IRA program this week, making it the 17th state in the U.S. to administer an auto-IRA program for private sector employees. Now, every state in New England except New Hampshire has adopted a state retirement savings program.
The Rhode Island Secure Choice Retirement Savings Program is designed to follow the structure of other "Secure Choice" savings programs already implemented or approved in 16 states. "This bill creates a public option retirement savings program, like a public option IRA, for the 47% of the state that doesn't have access to retirement programs through work," Rhode Island State Senator Meghan Kallman posted on LinkedIn this week.
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