AN ACT RELATING TO PUBLIC FINANCE -- RHODE ISLAND RETIREMENT SAVINGS PROGRAM ACT

This bill establishes the Rhode Island Secure Choice Retirement Savings Program, a voluntary retirement savings initiative administered by the state's general treasurer for private sector employees. The program allows eligible workers, who have been employed for at least 120 days, to contribute to their retirement through automatic payroll deductions, with employers having the option to participate. Funds are held in individual accounts that offer a limited selection of investment options, including portfolios tailored to different risk levels and those prioritizing companies with strong environmental and social practices. The legislation also mandates that the program provide participants with education and counseling services to help them make informed financial decisions.