Treasurer Diossa Celebrates Launch of RISavers
Published on Tuesday, October 21, 2025
For Immediate Release
Date: October 21, 2025
Contact: Carla C. Rojo, Director of Communications
Press@treasury.ri.gov
Treasurer Diossa Celebrates Launch of RISavers
Providence, RI – Today, Rhode Island General Treasurer James A. Diossa joined Governor McKee and other state leaders at Narragansett Brewery in Providence to announce the official launch of RISavers, a portable retirement savings program for private sector employees who may not have access to employer-sponsored retirement plans.
Private employers with five or more employees who do not currently offer a retirement plan are required to provide access to the program. Employers enroll at no cost, and employees will be automatically enrolled but can opt out at any time. Employees of a micro business (1-4 employees) can still participate and sign up directly by contacting Vestwell on our website www.RISavers.gov. Employees will own their savings, decide their contribution amounts through automatic payroll deductions, and can carry their savings with them when they change jobs.
RISavers is overseen by the Office of the General Treasurer and administered by Vestwell State Savings in partnership with a similar program in Connecticut, MyCTSavings. The interstate partnership with Connecticut is just the second of its type in the country. As one of the first states to enact a public retirement savings program, Connecticut has become a leading voice on retirement security. Under the leadership of Comptroller Sean Scanlon, nearly 35,000 Connecticut residents have saved over $52 million dollars in just three years with MyCTSavings.
Employees and their employers can begin to use the new website www.RISavers.gov to find helpful information and sign up for this service.
"RISavers is a big step forward for retirement security in Rhode Island. It will help the 40% of private sector workers who don’t have retirement savings start planning for a better future," said General Treasurer Diossa. "Over 170,000 people in our state don’t have access to a workplace retirement plan. RISavers gives them the tools and peace of mind to prepare. Everyone deserves a chance to retire with dignity and financial freedom."
“Financial security leads to a stronger Rhode Island,” said Governor Dan McKee. “The RISavers program is an important resource for hard-working Rhode Islanders building a more prosperous future for themselves and their families. I applaud Treasurer Diossa and his team for their work to get this done.”
“Small businesses are the backbone of Rhode Island’s economy,” said Speaker K. Joseph Shekarchi. “Setting up a retirement plan for employees can be very challenging for small business owners, who are already juggling many responsibilities, but not offering retirement benefits can hinder a small business’ ability to attract and retain employees. As a small business owner myself, I understand these complexities all too well and commend Treasurer Diossa for finding an innovative solution so more Rhode Islanders can retire with dignity and security.”
“It is critical that we empower every Rhode Islander to save for their future.” said Senate President Valarie J. Lawson. “RISavers will pay major dividends for individuals, families, and communities over the long term, and I am grateful to Treasurer Diossa and the many partners whose support helped bring this important program to fruition.”
“Connecticut is honored to have our neighbors in Rhode Island join us in ensuring our residents have access to the dignified retirement they deserve,” said Connecticut State Comptroller Sean Scanlon. “Since the launch of Connecticut’s MyCTSavings in 2022, we have empowered tens of thousands of residents save for their futures, and our cross-state collaboration will only build on that success. I’m deeply grateful to Treasurer Diossa and his team for their leadership, and I’m proud that this historic partnership will soon benefit the residents in both of our great states.
My thanks go out to Governor McKee, the Rhode Island legislature, and, of course, Treasurer Diossa and his team. We look forward to a long and successful partnership.”
"Congratulations to the State of Rhode Island on the launch of RISavers,” said Aaron Schumm, Founder and CEO of Vestwell. “The momentum we’re seeing across the savings industry continues to grow with programs like RISavers. We’re proud to power this innovative interstate partnership between Rhode Island and Connecticut, showing how public–private collaboration and modern technology can expand access to retirement savings, helping millions of workers build long-term financial security.”