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.
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 businesses with 5 or more employees will be required to register for the program if they do not already offer a tax-qualified retirement plan to any employees.
The program will launch statewide in December 2024.
What do employers need to know? Join these upcoming webinars to find out:
- High Turnover Industries (all welcome) Thursday, October 31, 2024 – 12:00 PM
- High-Skill, Labor-Intensive Industries (all welcome) Thursday, November 7, 2024 – 10:00 AM
- Non-Profits and Startups Thursday, November 14, 2024 – 10:00 AM
- Child Care, Early Education Centers, Medical Service Providers Thursday, November 21, 2024 – 1:00 PM
More information can be found on the VT Saves Website.