Rhode Island’s RISavers Program: What Employers Need to Know

Rhode Island has launched RISavers, a new state-facilitated retirement savings program designed to help small and mid-sized businesses provide employees with an easy way to save for retirement.

For many employers, participation or exemption certification will be required, and Sansiveri is here to help you understand what it means for your business.

What Is RISavers?

RISavers is a retirement savings plan sponsored by the State of Rhode Island and administered by Vestwell, a leading financial technology provider. The program was created to ensure that more Rhode Islanders have access to retirement savings options through their workplace, without placing an administrative or financial burden on employers.

Participation is mandatory for employers with five or more employees who do not currently offer a qualified retirement plan, such as a 401(k) or SIMPLE IRA.

Key Dates

Businesses have until December 12, 2025, to register or certify their exemption. Employers will receive an access code and instructions directly from RISavers to complete the registration process online at RISavers.gov/respond.

What Employers Need to Do

Depending on your situation, you will need to take one of the following steps:

1. Register for RISavers – If your business does not currently offer a retirement plan, use your unique access code and company EIN to register your business at RISavers.gov/respond.
2. Certify an Exemption – If you already offer a qualified retirement plan, you must certify your exemption at RISavers.gov/exempt.

Sansiveri can assist you in determining whether your current plan qualifies and guide you through either process.

Employer Benefits

RISavers is designed to be simple and cost-free for employers. Key benefits include:

• No cost to employers — There are no fees to register or maintain participation.
• Simple setup — Minimal administration with easy payroll integration.
• No fiduciary responsibility — Employers are not responsible for investment decisions or employee outcomes.
• No required contributions — Employers are not required to match employee savings.
• Attract and retain talent — Offering retirement benefits helps make your business more competitive in today’s labor market.

Employee Benefits

RISavers accounts are Roth IRAs owned by the employees themselves. They offer:

• Automatic enrollment — Employees are automatically enrolled through payroll deductions (unless they opt out).
• Control and flexibility — Employees choose how much to save and can opt out or re-enroll anytime.
• Portability — Accounts stay with employees if they change jobs.
• Ownership — The money and account belong entirely to the employee.

Bottom Line

The RISavers program represents an important step toward increasing retirement security for Rhode Island workers, and compliance will soon be required for many employers. With our support, you can ensure your business meets these requirements efficiently while continuing to provide valuable benefits to your employees.

For more information, visit RISavers.gov or contact us for guidance.