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Rhode Island, partnering with Connecticut, to launch auto-IRA program in 2025

In partnership with Connecticut’s state program that launched in 2022, Rhode Island’s new RISavers Program will be required for businesses to enact that do not have a 401(k).

By Lynn Cavanaugh | November 21, 2024 at 01:00 PM
Rhode Island. USA

Connecticut joined Rhode Island yesterday to launch a new interstate auto-IRA partnership between Connecticut’s MyCTSavings and the forthcoming Rhode Island RISavers program, which is a pilot retirement program administered by Vestwell and is expected to launch in the spring of 2025.

In March 2022, Connecticut mandated a state auto-IRA program that required employers with at least five employees and had been in existence for at least a year to enact. In June, Rhode Island passed an auto-IRA program for private sector employees, making New England states complete with auto-IRA programs.

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