Montpelier, VT – Today, Treasurer Pieciak announced that over one thousand employers have enrolled in the Vermont Saves program. The program provides a simple, no-cost solution for Vermont employers to offer their workers a retirement savings plan. Since opening for enrollment in December 2024, Vermonters participating in Vermont Saves have collectively saved hundreds of thousands of dollars for retirement.
"For too many Vermonters, rising costs are making it harder to plan for a secure retirement," said Treasurer Pieciak. "At no cost to the employer, Vermont Saves makes it easy for businesses to offer their workers a retirement savings plan. This will help Vermonters become more financially secure and strengthen our economy over time. I'm thrilled to see so many local employers supporting their workers by enrolling in the program."
Employers who at any time have 5 or more employees and do not currently offer their workers a retirement plan are required to sign up for Vermont Saves. Their employees will automatically be enrolled in a Roth IRA account with flexible options to save at their own pace.
Savers can set their own contribution rate, choose from a menu of investment options, or opt out of the program at any time if they choose. Savers can always access any principal funds they put into their Vermont Saves account.
Employers with less than five employees, or who already offer their workers a retirement plan such as a 401(k), are not required to enroll in Vermont Saves. Participating employers have reported that the enrollment process is quick and easy.
Encouragingly, early data shows a significant number of savers to date are younger Vermonters who will benefit most significantly from the program due to the length of time their investments can compound until reaching retirement. Approximately 27% of savers are under the age of 30 years old.
Vermont Saves was passed into law in June 2023 with unanimous Legislative support and approval from Governor Scott. A top priority for Treasurer Pieciak, his office has launched the program ahead of schedule to ensure Vermonters can start saving as soon as possible.
“Studies show that you’re 15 times more likely to save for retirement if your employer offers a retirement plan, and tens of thousands of Vermonters now have access to a plan through Vermont Saves,” said Treasurer Pieciak. “I’m grateful to our team in the Treasurer’s Office, especially our Director of Economic Empowerment Becky Wasserman, for making this program a reality and helping Vermonters build a more secure future.”
Learn more about Vermont Saves here.
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