Lawmakers press treasurer on notification, opt‑out clarity for Vermont Saves payroll‑deduction IRA

Summary

Representatives and the State Treasurer discussed the new Vermont Saves opt‑out Roth IRA payroll program: employers’ notice practices, the program administrator’s email domain and the need for clearer opt‑out language. Treasurer’s office said multiple communications are sent and that Vestwell is program administrator.

The committee heard a detailed walkthrough of Vermont Saves — the state’s new automatic‑enrollment payroll Roth IRA for workers whose employers do not offer retirement plans — and lawmakers pressed state officials about how employees are notified and how to ensure enrollment remains effectively voluntary.

Representative Donahue opened the item by describing concerns from constituents and employers who said the program’s initial notice could be confusing. Donahue said an employer reported that none of its employees opened the email notice and that some workers only realized contributions had started when they received their first paychecks. "If the initial orientation comes from noreply@someday.com, some people will delete it as spam," Donahue said.

State Treasurer Becky Wasserman replied that the office and the program administrator (Vestwell) have…

Lawmakers press treasurer on notification, opt‑out clarity for Vermont Saves payroll‑deduction IRA

Summary

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