MONTPELIER, Vt. (WCAX) – Almost one hundred thousand Vermonters work without a retirement savings plan the state treasurer’s office has a new program to fix it and registration is just a month away.
They’re calling it Vermont saves. Starting December 1st all companies with more than five employees will be required to have retirement savings plans. If they don’t have one yet companies can enroll in the program starting December 1st. According to treasurer Mike Pieciak it costs nothing to employers very little to the state and will reach Vermont’s most vulnerable.
“In that 88,000 it’s generally younger workers. It’s generally lower workers with lower education, obtainment, lower wage earners, over represented in terms of Bipoc members, over represented in terms of female versus male. So it’s the exact population that we want to be helping and providing opportunity for,” said Vermont Treasurer Mike Pieciak.
The last day to apply for the program is February 28th. Enforcement mechanisms including fines will be issued after that.