The Rhode Island Secure Choice Retirement Savings Program Act is a new legislative initiative aimed at establishing a retirement savings program for private sector employees in Rhode Island. The program, to be administered by the office of the general treasurer, is designed to be convenient, voluntary, low-cost, and portable, with the goal of promoting greater retirement savings. The bill defines key terms, outlines investment options, and sets criteria for third-party administrators. It also grants the general treasurer the authority to manage the program's operations, including setting contribution levels, procuring insurance, and adopting regulations. New legal language is inserted to ensure the program aligns with the Internal Revenue Code, and the bill mandates the creation of an employee information packet to educate participants about the program.

The legislation requires eligible employers to offer a payroll deposit retirement savings arrangement to facilitate employee participation in the program, with varying deadlines for implementation based on the size of the employer. Employers that already provide a qualified retirement plan are exempt from the program's requirements. The bill also includes employer liability protection, state immunity, and an annual financial report requirement. Insertions to the current law include provisions for the general treasurer to consult with outside experts, ensure federal tax treatment compliance, and establish penalties for noncompliance. The bill also requires the general treasurer to report to the governor and finance committees to confirm the program is not classified as an employee benefit plan under ERISA. The act is to be interpreted broadly to achieve its purpose and will take effect upon passage.