Rules and Regulations Pertaining to the RISavers Retirement Savings Program

Regulation Authority:

R.I. Gen. Laws § 35-23-6
R.I. Gen. Laws § 35-23-16

Purpose and Reason:

This Rule is established to effectuate the provisions and overall purpose of the Rhode Island Secure Choice Retirement Savings Program Act (the “Act”). Pursuant to the Act, the Office of the General Treasurer (“Treasury”) is required to promulgate regulations that define the roles and responsibilities of employers in such a manner as to keep the RISavers Retirement Savings Program (the “Program”) from being classified as an employee benefit plan subject to the federal Employee Retirement Income Security Act (“ERISA”). This Rule clearly defines required and prohibited employer activities. This Rule further defines Program requirements established under the Act to facilitate both employer and employee participation. This includes establishing how Treasury will count the number of employees at a given business, creating the default contribution rate and investment option for Program savers, and providing a means to rollover, transfer, or withdraw Program savings.  This Amendment to the Rule is being prepared in response to a public comment which was received during promulgation of the Rule. The amendments provide clarity and uniformity throughout the Rule by providing clearer sentence structure and use of terms that align with the definitions provided in this rule and the R.I. General Laws governing the Rhode Island Secure Choice Retirement Savings Program Act.