NFIB Vermont hosted a webinar on February 13 to discuss the state’s new mandatory retirement savings program, Vermont Saves. This initiative is directed at employers with five or more employees who do not already have an employee retirement plan.
Vermont Saves was launched in December 2024. Employers covered by this program are required to register by February 28, 2025, and must start payroll deductions for participating employees 30 days after registration.
“Most covered employers should already have received an email or letter with an access code to register,” states the announcement. Those without an access code are advised to seek further resources. Additionally, if employers believe they are exempt but have received communication from the program, they may need to certify their exemption.
The program is available to employees over 18 years old who work more than 500 hours annually. Employees are automatically enrolled but can opt out anytime.
Becky Wasserman, Director of Economic Empowerment in the Vermont Treasurer’s Office, has overseen the implementation of Vermont Saves and participated in the webinar to address questions from small business owners.
Additional information for both employers and employees is accessible through various resources linked with the program. For businesses newly eligible after two years of operation, there is a window of 120 days post-eligibility for registration.
“The State Treasurer may increase the default contribution rate from 5%,” reads part of the documentation provided during the webinar. Any auto-escalation would only apply following six months of employee participation in the program.
Questions regarding Vermont Saves can be directed to NFIB Vermont State Director John Reynolds or Grassroots Manager Julianna Rauf. The program’s direct contact details were also shared for further inquiries.
