The bill introduces the "Rhode Island Secure Choice Retirement Savings Program Act," which establishes a retirement savings program for private sector employees in Rhode Island. The program, administered by the office of the general treasurer, aims to provide a convenient, voluntary, low-cost, and portable retirement savings option. It includes the creation of individual retirement accounts (IRAs) with various investment options and prioritizes companies with good governance and social responsibility. The program is considered an instrumentality of the state, and the state investment commission will manage the investments, which will be state income tax deferred until withdrawal. The bill grants the general treasurer's office various powers, such as managing costs, contracting with professionals, and developing investment policies, and requires the adoption of regulations for the program's administration.

The bill mandates eligible employers to facilitate employee participation in the program through payroll deductions, with compliance timelines based on employer size. It also provides for automatic enrollment of eligible employees with the option to opt out, and clarifies that employers are not liable for employee investment decisions. The general treasurer is tasked with submitting an annual financial report on the program's operations. New insertions to the law include requirements for the program to receive favorable federal tax treatment, the establishment of penalties for noncompliant employers, and the general treasurer's obligation to report to the governor and finance committees to ensure the program is not classified as an employee benefit plan under ERISA. The act is intended to be liberally construed to fulfill its purpose and will take effect upon passage.