Vermont State Treasurer Mike Pieciak is urging small businesses and nonprofits with five or more employees to enroll in a new retirement savings plan called Vermont Saves. This program, which offers a Roth IRA with a chosen contribution rate, is free for employers and their employees. The open enrollment period runs until March 1, and businesses can find more information on the state website.
Pieciak highlighted the positive feedback from businesses that have already enrolled in Vermont Saves, with employees appreciating the new benefit. Despite 2,000 eligible employers already signing up, there are still thousands more that have yet to take action. With the deadline approaching, Pieciak expects a surge in sign-ups in the coming days.
In an effort to avoid penalties for non-compliance with the law, Pieciak reiterated that eligible employers must either enroll in Vermont Saves or formally opt-out by October 1. He emphasized the importance of providing this benefit to employees, noting the participation of many young workers in the program.
Treasurer Pieciak’s outreach efforts include appearing on NBC5 News to discuss Vermont Saves and encouraging more employers to join the program. By offering a way for employees to save for their future at no cost to the employer, Vermont Saves aims to help workers plan for retirement and secure their financial future.
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