RISavers is a new state-administered retirement savings program. In addition to offering unique opportunities to employees, the program can help your business thrive.
What’s more, it’s voluntary for employees — they can stay automatically enrolled or opt out and re-enroll later.
Already offer a retirement plan?
RISavers applies only to employers that don’t offer a qualified retirement savings plan for their staff. If you already offer one, use your unique Access Code and EIN to certify your exemption here.
Program benefits
This program will give businesses like yours an easy way to help employees save for the future, and it benefits you, too.
RISavers can work for you
Retirement savings programs can help attract and retain employees and increase productivity.¹
Free to facilitate
With no costs, RISavers helps employers of any size stay competitive by offering access to a great benefit for employees.
Easy to set up
It’s easy to set up — no complex administration and minimal ongoing responsibilities.
Low time investment
It lets you focus on your business and offers easy integration with some payroll providers.
No fiduciary responsibility
You are not responsible for the investment decisions or outcomes of any employee that participates in the program.
Not responsible for matching contributions
You are not responsible for matching contributions. It is not permitted by the program.
Attract and retain employees
It’s a valuable benefit to attract and retain employees by giving them a simple and secure way to save through automatic payroll contributions into a Roth IRA.
How RISavers is different from plans like a 401(k)
You may not currently offer your employees a retirement savings plan because of complex administration requirements, fiduciary liability, or high costs. But RISavers is different. It offers some of the best features of popular employer plans and IRAs, but without the burdensome requirements, allowing employers to focus on facilitating the program — all with no cost to you.
This program is not meant to replace or compete with 401(k)s or other qualified retirement plans. Employers that offer a qualified retirement plan are exempt from the program.
Reference
1. Andrew Glazer, “Why Offering Retirement Benefits Helps Attract And Retain Top Employees,” Forbes, 12 September, 2023. https://www.forbes.com/sites/forbesfinancecouncil/2022/08/24/why-offering-retirement-benefits-helps-attract-and-retain-top-employees/?sh=71de76373710