RHODE ISLAND RISAVERS REQUIREMENTS

THE QUICK TAKE

Rhode Island employers with five or more employees that do not offer a qualifying retirement savings plan will be required to either facilitate employee participation in the state’s RISavers Program or adopt their own qualifying retirement savings plan.

WHAT YOU NEED TO KNOW

• • RISavers applies to Rhode Island employers with five or more employees that do not currently offer a qualifying retirement savings plan.
  • Employers may comply by participating in RISavers or adopting their own qualifying retirement savings plan.
  • Employers have been asked to provide required employee information and distribute program information to employees as part of the registration process.
  • Compliance will be phased in based on employer size:
    • More than 100 employees: October 15, 2026
    • 50-99 employees: October 15, 2027
    • 5-49 employees: October 15, 2028
  • Employers with fewer than five employees are not required to participate.

WHAT YOU NEED TO DO

• • Determine whether your business is subject to RISavers based on your employee count and whether you currently offer a qualifying retirement savings plan.
  • If you do not offer a qualifying plan, decide whether you will participate in RISavers or establish an independent qualifying retirement savings plan.
  • Begin the RISavers registration process and review the employee information and communications requirements.
  • Make sure your payroll process will be prepared to support employee participation by your applicable compliance date.
  • Document your applicable compliance deadline based on the size of your workforce.

For additional information and resources: Visit the RISavers website.