Panel to study retirement plan for R.I.'s small employers
5:48 PM Tue, Jul 28, 2009 | Permalink
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PROVIDENCE, R.I. - A new legislative commission is preparing to meet to weigh whether the state should establish and administer a Universal Voluntary Retirement Account, which would allow small employers to offer a retirement savings program to employees. Supporters say the system is needed because only about half of Rhode Island employers offer any retirement benefits to their full-time employees; just 19 percent offer them to part-time workers. Even when someone can get a job at a place with retirement benefits, workers often switch jobs, so it can be years before they becomes eligible for such benefits again. General Treasurer Frank T. Caprio, who requested the study commission, said although individuals are free to save on their own, they often fail to do, and giving them automatic payroll deductions might help. The group is supposed to report its findings and recommendations to the General Assembly by January. 
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