Vermont Saves Newsletter | Office of the State Treasurer

Vermont Saves Enrollment is Now Open for Employers - Learn More Here: Home - Vermont Saves

Enrollment Opens: December 1, 2024
Deadline to Enroll: March 1, 2025

Eligible employers will receive enrollment details via email or mail from Vestwell, the program administrator.

Employer assistance - Vestwell
1-844-599-4911

Saver assistance - Vestwell
1-833-575-0672

NOTICE: Vermont Saves requires all employers with five or more employees to register by the end of February 2025 unless they already offer a qualified workplace retirement program. Employers who do not need to enroll include those who provide a retirement plan such as a 401(k), 403(b), or other similar program to their employees. More Information

Upcoming Vermont Saves Webinars: Register for a live payroll webinar with Vestwell

Enabling Statute - 3 V.S.A. Chapter 18

What is Vermont Saves?

The Vermont Saves program establishes a retirement savings plan for Vermonters who are not currently offered a retirement plan through their employer. It’s designed to make saving for retirement easy and automatic, at no cost to employers and no ongoing cost to taxpayers.

“Vermont Saves will transform the long-term financial well-being of tens of thousands of Vermonters. We know that employees are 15 times more likely to save for retirement when they have access to a plan, which will help more people have a secure retirement, benefit our economy, and take pressure off our state budget. I want to thank the Governor and the legislature for their bipartisan support of VT Saves and helping address Vermont’s retirement crisis.” - Vermont State Treasurer Mike Pieciak

How does Vermont Saves work?

The program will automatically enroll workers who do not have access to a retirement plan through their employer in a Roth IRA account. Contributions to the account will be deducted automatically from workers’ paychecks, making it a hassle-free way to save and invest for retirement. Employees can set their own contribution rate, or use the program default, and can opt out of the program if they choose. Employees can also choose from a simple menu of investment options including low-fee target date funds that automatically rebalance over time.

Vermont State Treasurer Mike Pieciak and Economic Empowerment Director Becky Wasserman discuss enrollment in Vermont Saves, the state’s publicly administered retirement program. The webinar provides information on enrollment for employers and employees.

Is Vermont Saves different from the Green Mountain Secure Retirement Plan?

Vermont Saves replaces Green Mountain Secure Retirement (GMSR) as the State’s public retirement plan. The GMSR was never operational and was repealed pursuant to Act 43 of 2023. The enabling legislation for the GMSR can be found in Act 69 of 2017 , as amended by Act 72 of 2019. Recordings of all Green Mountain Secure Retirement Public and Board meetings can be found here.