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Treasurer’s office updates committee on Vermont Saves auto‑IRA rollout; enrollment and outreach remain priorities
Summary
State treasurer’s staff briefed the Senate committee on the Vermont Saves auto‑IRA program rollout, providing early enrollment figures, default parameters, proposed statutory tweaks and outreach plans; committee members raised concerns about opt‑out implementation and requested more employee opt‑in/opt‑out data.
State Treasurer’s Office staff briefed the Senate Economic Development, Housing & General Affairs Committee on April 18 about Vermont Saves, the state’s auto‑IRA program for workers whose employers do not offer workplace retirement plans, and about related policy work on baby bonds and rental payment reporting.
Becky Wasserman of the Treasurer’s Office (presenting the item) said Vermont Saves requires employers with five or more employees who do not offer a retirement plan to register and automatically enroll eligible employees in a Roth IRA with an opt‑out. Eligible workers must be 18 or older and have a Social Security number or ITIN. The program launched a pilot in October, opened to the public December 1 and had an official enrollment period through February; the treasurer’s staff are now following…
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