The NFIB Vermont hosted a webinar on February 13 to discuss the state’s newly introduced Vermont Saves program. This program, mandated for employers with five or more employees who do not yet have an employee retirement program, was launched in December 2024. Key registration deadlines include February 28, 2025, by which date eligible employers must register. Payroll deductions for participating employees are to begin 30 days post-registration.
Becky Wasserman, Director of Economic Empowerment in the Vermont Treasurer’s Office, who is instrumental in Vermont Saves’ rollout, participated in the webinar to address inquiries from small business owners.
The program mainly targets employees over 18 years old, working more than 500 hours annually. These employees are automatically enrolled but may choose to opt out. To assist businesses with registration, most covered employers should have already received a registration access code. If an access code is missing or if a business believes it is exempt, it is advised to use the resources provided through the webinar.
Additional resources are available for both employers and employees, including information on investment options, opt-out details, and administrative account management. Businesses are not required to sign up until they have been in business for two years, with a 120-day registration requirement after becoming eligible.
Questions regarding auto-escalation of contribution rates were clarified, indicating that increases would only apply after an employee’s initial six months in the program and at the start of the following year after onboarding.
Further queries can be directed to NFIB Vermont State Director John Reynolds or Grassroots Manager Julianna Rauf. Direct communication with the program is also available through client services.
