Bill > S2920

This resolution, passed by the Rhode Island Senate, urges state agencies to improve and expand retirement advice and guidance programs for state employees to help them achieve a secure and dignified retirement. It acknowledges that Rhode Island's hybrid retirement system, which combines a guaranteed lifetime income component with an individual savings component, requires employees to make complex financial decisions throughout their careers. The resolution highlights research indicating that retirees need predictable income, with a benchmark of 80 percent of pre-retirement income being a reliable measure for maintaining a consistent standard of living. It emphasizes that professional retirement advice benefits employees at all career stages, from younger workers learning about compound interest to those nearing retirement who need help with withdrawal strategies and taxes. Therefore, the Senate encourages state agencies to offer comprehensive programs including workshops, one-on-one financial counseling, decision-support tools, and various communication methods, with a particular focus on employee populations facing greater retirement preparation challenges. It also recommends that retirement system administrators partner with financial advisors to provide holistic guidance and encourages employees to use these resources to ensure they are on track to meet the 80 percent income replacement goal, while also advocating for the integration of technology-assisted advice and the measurement of program engagement and outcomes.

Labor and Employment

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