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HB 7475

AN ACT RELATING TO PUBLIC FINANCE -- RHODE ISLAND SECURE CHOICE RETIREMENT SAVINGS PROGRAM ACT

2026 Regular Session Introduced by Evan Shanley

Rhode Island creates automatic enrollment retirement savings program for private workers lacking employer plans, requiring participation unless opted out.

06/23/2026 Signed by Governor
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WeVote Research Nonpartisan
Bill Summary · HB 7475

Legislative bill overview

HB 7475 establishes the Rhode Island Secure Choice Retirement Savings Program, a state-facilitated retirement savings mechanism for private-sector workers without employer-sponsored plans. The bill creates an automatic enrollment system where eligible employees contribute a portion of wages to individual retirement accounts unless they actively opt out.

Why is this important

Approximately 40% of American workers lack access to workplace retirement plans, leaving them underprepared for retirement and potentially increasing reliance on public assistance programs. This program aims to expand retirement security while distributing the administrative burden through a public-private partnership model, with the state serving as facilitator rather than direct provider.

Potential points of contention

  • Private sector concerns: Small businesses and employers may object to administrative requirements, compliance costs, and potential liability despite state facilitation
  • Contribution rates and defaults: Debate over what percentage constitutes an appropriate automatic enrollment rate and whether workers adequately understand opt-out procedures
  • Program administration and costs: Questions about who bears operational expenses, how the program manages investments, and whether public resources are effectively deployed versus private market alternatives

Compiled from official sources — confirm details with the bill’s official record.

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