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Vermont Saves, a new auto-IRA program, requires employers without a 401(k) to enroll employees

Employers with five or more employees who do not currently offer a retirement plan will be required to register for the state-run Vermont Saves program by the end of February 2025.

By Lynn Cavanaugh | January 03, 2025 at 11:00 AM
Vermont.

Vermont is joining the growing list of states – now 17 – requiring employers to either enroll tens of thousands of employees in the state plan or offer their own 401(k) plan. The program is a state-run automated savings program (or Roth IRA-style program) in which participants can contribute up to $7,000 a year that is automatically deducted out of an employee’s paycheck.

Vermont Saves, a new state retirement program administered by the Treasurer’s Office, is now open for enrollment. The program establishes a workplace retirement plan for employees who are not currently offered a retirement plan through their employer. A successful pilot program has been up and running for several weeks. 

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