The Rhode Island Secure Choice Retirement Savings Program Act aims to establish a retirement savings program for private sector employees in Rhode Island who do not have access to employer-sponsored retirement plans. The program, which will be administered by the office of the general treasurer, is designed to be convenient, voluntary, low-cost, and portable. It defines various terms related to the program and sets eligibility criteria for employees and employers. The act mandates the creation of individual retirement accounts, the selection of third-party administrators, and the offering of various investment options approved by the state investment commission. The program also includes educational components and counseling for participants, and it allows for tax-deferred growth of investments within the program.

The bill introduces new legal language into current law, granting the office of the general treasurer expanded authority to operate the program, including setting contribution levels, facilitating compliance, and adopting necessary regulations. Employers are required to provide a payroll deposit retirement savings arrangement for employee participation, with different implementation timelines based on the size of the employer. Employers that offer a qualified retirement plan are exempt from the program. The bill also includes employer liability protection, state immunity, and requires an annual financial report on the program. Additionally, the bill sets penalties for employers who do not comply with the program's requirements, with fines supporting the program after enforcement costs. The act is intended to be interpreted broadly to achieve its purpose and will take effect upon passage.