Rhode Island Governor Dan McKee, flanked by key lawmakers, put pen to paper today on a new initiative aimed at helping private-sector employees save for retirement. The move, with bill sponsors Rep. Evan Shanley (D-Warwick, East Greenwich) and Sen. Meghan Kallman (D-Pawtucket, Providence) at his side, greenlights the Rhode Island Secure Choice Retirement Savings Program—an option for workers whose jobs don’t offer retirement plans like a 401(k).
“This program is a no-brainer,” McKee declared. “Every Rhode Islander deserves access to retirement savings, and Secure Choice will help make that a reality. Treasurer Diossa’s leadership on this was key, and I’m grateful to the legislators who pushed it through.”
Here’s how it works: the program, run by the General Treasurer’s office, requires private employers without retirement plans to offer access to the Secure Choice option. Employees will automatically be enrolled, though they can opt out if they want. The savings—contributed via payroll deductions—belong to the workers, who can take their accounts with them if they switch jobs.
Rep. Shanley pointed out that small businesses often want to help employees save for retirement but don’t know how. “This law gives them a way to support their workers, without any added cost,” he said.
Sen. Kallman highlighted that for many Rhode Islanders, retirement has seemed out of reach. “Secure Choice is like a public-option IRA,” she explained. “It’s voluntary, portable, and finally gives workers who’ve been left out a chance to save.”
Support for the plan also came from Maria Cimini, director of the Office of Healthy Aging. “Economic security is the foundation of aging well,” she said, emphasizing that this new program will help older Rhode Islanders live their later years with the dignity they deserve.
For thousands of workers in the Ocean State, retirement just got a little more secure.
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