Montpelier, VT – The Vermont State Treasurer’s Office will host a webinar series to inform employers about enrollment in Vermont Saves.
Employers with five or more employees who do not offer a retirement plan to their workers will be required to sign up for Vermont Saves by the end of February 2025. Their employees will be automatically enrolled in a Roth IRA account, though employees can set their own contribution rate, choose their investments, or access their savings at any time. The program is of no cost to employers.
With enrollment on track to open in December 2024, each webinar will focus on a different sector of Vermont’s economy, allowing employers to engage in discussions relevant to their field and address shared questions about Vermont Saves. However, all sessions are open to the public, welcoming participants from any occupation or industry.
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Thurs, Oct 31 at 2 PM - High Turnover Industries (food and beverage, retail, tourism, etc.)
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Thurs, Nov 7 at 10 AM - High Skill, Labor-Intensive Industries (trades, personal services, etc.)
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Thurs, Nov 14 at 10 AM - Growth-Oriented Organizations (nonprofits, startups, etc.)
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Thurs, Nov 21 at 1 PM - Medical Service Providers, Early Education, and Childcare Centers
“At no cost to the employer, Vermont Saves will help tens of thousands of Vermonters retire with dignity and achieve greater financial security in their golden years,” said Treasurer Mike Pieciak. “I encourage eligible employers to learn more about Vermont Saves before enrollment opens later this year, and I hope eligible Vermonters will participate when the program is underway.”
Vermont Saves is designed to make saving for retirement easy and automatic. Studies show that individuals are 15 times more likely to save for retirement if provided access to a plan through their employer. Similar programs are already operational in several states, with over $1.6 billion in assets and participants averaging about $2,000 per year in savings.
The Treasurer’s Office recently announced the successful launch of the program’s pilot phase, with seven businesses participating before enrollment is opened to all eligible employers in December 2024. In 2023, Vermont Saves earned unanimous approval from the Vermont Legislature and Governor Scott.
Eligible Vermont employers will soon receive further information and notice of enrollment by mail and email. Learn more about Vermont Saves here.
WHAT:
The Vermont State Treasurer’s Office is hosting a webinar series to inform employers about enrollment in Vermont Saves. Each webinar will focus on a different sector of Vermont’s economy, allowing employers to engage in discussions relevant to their field and address shared questions about Vermont Saves. However, all sessions are open to the public, welcoming participants from any occupation or industry.
WHO:
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Mike Pieciak, Vermont State Treasurer
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Becky Wasserman, Director of Economic Empowerment - Office of the Vermont State Treasurer
WHEN/WHERE:
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Thurs, Oct 31 at 2 PM - High Turnover Industries (food & beverage, retail, tourism, etc.)
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Thurs, Nov 7 at 10 AM - High Skill, Labor-Intensive Industries (trades, personal services, etc.)
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Thurs, Nov 14 at 10 AM - Growth-Oriented Organizations (nonprofits, startups, etc.)
-
Thurs, Nov 21 at 1 PM - Medical Service Providers, Early Education, and Childcare Centers
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