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Vermont Saves reports 1,100 employers registered, $625,000 in participant assets
Summary
The Vermont State Treasurer’s Office updated the House Committee on Commerce & Economic Development on May 13 on the state-run Vermont Saves auto-IRA program, reporting nearly 1,100 registered employers, about 2,700 funded accounts and roughly $625,000 in assets while the office focuses outreach rather than penalties for noncompliant employers.
Becky Wasserman, director of economic empowerment at the Vermont State Treasurer’s Office, told the House Committee on Commerce & Economic Development on May 13 that about 1,100 employers have registered for the state’s Vermont Saves auto-IRA program, there are roughly 2,700 funded accounts and about $625,000 in assets under management.
The state launched a pilot in October 2024 and opened a full statewide launch on Dec. 1, 2024, with an initial three-month employer enrollment window. ‘‘We are going to continue the sort of enrollment process,’’ Wasserman said, adding that the treasurer’s office is ‘‘not inclined’’ to impose penalties for now and will focus on outreach to employers that have not registered.
Vermont Saves requires employers with five or more employees that do not already offer a workplace retirement plan to…
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