Official State of Rhode Island website

State of Rhode Island Office of the General Treasurer James A. Diossa, General Treasurer

IMPORTANT INFORMATION REGARDING RISavers PROGRAM

Published on Tuesday, December 02, 2025

The purpose of this memorandum is to provide clarity for employers concerning registration for the RISavers Program (the “Program”) and compliance with Program mandates. The RISavers Program was created by Section 35-23-1, et seq., of the Rhode Island General Laws. Pursuant to state law, all Rhode Island employers with five or more employees[1] that do not currently offer a qualifying retirement savings plan must either:

  1. Facilitate employee enrollment in the Program; or 

  2. Adopt an independent retirement savings plan.

See R.I. Gen. Laws § 35-23-9. Last month, Vestwell State Savings, LLC (“Vestwell”) – a third-party contracted to assist in Program administration – sent an initial notice to inform employers of Program launch and to provide an initial registration window during which employers should begin the registration process. Under state law, employers “shall have a payroll deposit retirement savings arrangement to allow employee participation” in the Program once it is open for enrollment. See R.I. Gen. Laws § 35-23-9 (a). Consistent with information contained in Vestwell’s initial notice, employers must disseminate Program information to their employees and provide Vestwell with certain employee information no later than December 12, 2025. See id.; 120 R.I. Code R. 00-00-6.5 – 6.6. 

This registration window is to facilitate Program administration, not Program enforcement. Any communication referring to the registration window as a deadline triggering enforcement action is inaccurate. 

State law provides for phased enforcement of the RISavers Program as follows:

  1. Businesses employing more than 100 eligible employees must comply no later than October 15, 2026;

  2. Businesses employing between 50 and 99 eligible employees must comply no later than October 15, 2027; and

  3. Businesses employing between 5 and 49 eligible employees must comply no later than October 15, 2028.

See R.I. Gen. Laws § 35-23-9. Program participation is not required for businesses employing less than five employees. 

Depending on the size of a business, employers subject to Program mandates will have up to three years to adopt a payroll deposit retirement savings arrangement though the Program or adopt their own plan before the state initiates any compliance action. Id. Pursuant to state law, businesses will receive a noncompliance notice before there is any further action. See R.I. Gen. Laws § 35-23-15. 

If you have further concerns regarding employer requirements or the Program generally, you can reach out to Treasury directly at (401) 222-4776, or to Vestwell by phone at (833) 868-4732 (for employers) or (833) 669-4336 (for savers). You can also visit the RISavers virtual help center at www.risavers.gov.  

 

[1] Regulations promulgated by the Office of the General Treasurer provide that the number of employees employed by a business is the average number of employees reported to the Rhode Island Department of Labor and Training on a Form TX-17, “Quarterly Contribution Return and Report of Wages” during the previous calendar year. See 120 R.I. Code R. 00-00-6.6. 

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