summary
Introduced
03/17/2023
03/17/2023
In Committee
05/04/2023
05/04/2023
Crossed Over
04/06/2023
04/06/2023
Passed
05/11/2023
05/11/2023
Dead
Signed/Enacted/Adopted
05/12/2023
05/12/2023
Introduced Session
2023-2024 Session
Bill Summary
An act relating to the establishment of VT Saves.
AI Summary
This bill establishes the VT Saves Program, administered by the Office of the State Treasurer, to increase financial security for Vermonters by providing access to an individual retirement account (IRA) for Vermont employees of companies that do not currently offer a retirement savings program. The bill requires covered employers to offer their covered employees the choice to contribute to a payroll deduction IRA, with automatic enrollment and the option to opt out. The program will be phased in over time, starting with employers with 25 or more covered employees in July 2025. The bill also repeals previous legislation related to the Green Mountain Secure Retirement Plan.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Economic Development, Housing and General Affairs (Senate)
Last Action
Senate Message: Signed by Governor June 1, 2023 (on 05/12/2023)
Official Document
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bill summary
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bill summary
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