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RI H7475
Bill
Status
Introduced
2/4/2026
Primary Sponsor
Evan Shanley
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AI Summary
- Creates a new definition of "optional employee" as a person age 18 or older not employed by an eligible employer who has elected to enroll in the RISavers retirement savings program, enabling individual participation outside of employer-based enrollment
- Changes the employer exemption language so that employers offering a "payroll deduction IRA" (rather than only an "automatic enrollment IRA") are exempt from the RISavers program requirements, provided the IRA qualifies for favorable federal tax treatment
- Shifts open enrollment and withdrawal provisions for optional participants from the employer level to the individual employee level, allowing optional employees (rather than optional employers) to enroll during annual open enrollment periods and withdraw with 30 days' notice to their employer and the general treasurer
- Changes the state investment commission's role regarding investment offerings from "approved" to "considered," and requires the commission to review investment offerings and the statement of investment policy at a public meeting no less than once every three years
- Adds a severability clause providing that if any provision of the chapter is held unconstitutional or preempted by federal law, the remaining provisions shall not be affected
Legislative Description
Makes several technical amendments to the Rhode Island secure choice retirement savings program act necessary for continued administration and inter-state partnership.
Public Finance
Last Action
Committee recommended measure be held for further study
2/11/2026
Committee Referrals
Corporations2/4/2026
Full Bill Text
No bill text available