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RISavers program gives private sector workers a hand in building their nest eggs • Rhode Island Current

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RISavers program gives private sector workers a hand in building their nest eggs • Rhode Island Current


Former U.S. Naval officer Darryl Lindie learned early in his career that taking care of his team was key to accomplishing a mission.

Since buying AASign & Awning in Warwick in 2023, Lindie has applied that philosophy to his business, giving his 30-person team paid days off and other benefits. But one offering remained a little too complicated and expensive: retirement savings.

Not for long.

Legislation approved in the 2024 General Assembly and signed into law by Gov. Dan McKee in September sets up a public retirement savings program for private-sector workers whose employers don’t already offer the investment option. Ahead of its formal launch, state officials unveiled details of the RISavers program at an event outside Lindie’s sign shop on Wednesday.

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Modeled after similar programs in other states, including Connecticut, RISavers automatically opens Roth Individual Retirement Accounts for eligible private-sector workers, set up through the Rhode Island Office of the General Treasurer with help from a third-party account administrator.

“It is absolutely true that anyone can open a Roth IRA or another retirement account whenever they want,” Treasurer James Diossa said. “But it’s also equally true that not everyone has the ability to navigate the financial sector. These things can be daunting and RISavers makes it quick and easy and helps ensure more Rhode Islanders are on a path to stable retirement.”

An estimated 170,000 Rhode Island workers, equal to 40% of the state’s private-sector workforce, don’t get retirement benefits through their jobs, according to information from Diossa’s office. 

Connecticut State Comptroller Sean Scanlon (left) and Rhode Island General Treasurer James Diossa announced a partnership between Connecticut and Rhode Island, sharing costs for administering their respective state public retirement programs. (Nancy Lavin/Rhode Island Current)

The program also alleviates the burden on small businesses, which have no obligation to match contributions. Their only cost is from processing payroll deductions from participating employees.

Businesses with at least five employees are mandated to make the new retirement program available to their workers, with phased-in deadlines based upon business size. Employers with at least 100 workers must enroll within the first year of the program, while those with 50 to 100 workers have to sign up within two years. All 400,000 businesses that meet the minimum employment requirement must join within three years. Businesses with fewer than five employees can also sign up anytime they want.

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“This represents a win for families, for the state economy, and for the overall well-being of our state,” McKee said.

And, it doesn’t come with any extra costs to taxpayers or extra staffing needs, as touted by House Speaker K. Joseph Shekarchi.

A fiscal note included with the legislation in March 2024 estimated a $311,000 startup cost, split between fiscal 2025 and fiscal 2026, based on comparable startup costs in other states like Delaware and Maine. However, no additional money was used in the nearly $14 billion fiscal 2025 budget to pay for the program, which instead relied on existing funds within the treasurer’s office, according to Rob Craven, Diossa’s legislative affairs director. 

Rhode Island will pay a $100,000 fee for Vestwell State Savings, split between this fiscal year and the next, to administer the program. Rhode Island is also partnering with Connecticut, which launched its public retirement savings program for public-sector employees two years ago, to share in administration costs and investment fees from Vestwell.

Which, in turn, drives down the fees for participating workers.

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The program will use Bank of New York Mellon for its accounts, the same financial services company Vestwell uses for its version of a public retirement account.

Since Connecticut launched the MyCTSavings program in April 2022, it has opened retirement accounts for nearly 30,000 state residents, who have invested $33 million, said Comptroller Sean Scanlon, who attended the event in Warwick.

As of June 30, 2024, 20 states had launched, or passed legislation to launch, retirement savings programs for private sector workers, 17 of which (including Rhode Island) automatically enroll eligible workers, according to the Center for Retirement Initiatives at Georgetown University’ McCourt School of Public Policy.

Diossa plans to launch a pilot program with a small number of participants in the spring of 2025, opening up the program to full capacity “shortly after.”

Lindie is eager to sign up, noting the interest among his workers already. He hopes the perk will attract new workers to the growing, design-to-build sign shop.

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“We are looking for a younger generation of talent, and we need these kinds of benefits,” Lindie said.

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A new safety role at Rhode Island College comes into sharper focus after Brown shooting – The Boston Globe

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A new safety role at Rhode Island College comes into sharper focus after Brown shooting – The Boston Globe


Lawrence was recently named RIC’s first emergency management director, a role college leaders had been planning before the December mass shooting across town at Brown University, but which took on new urgency after the tragedy.

Few resumes are better suited to the job.

A 20-year career in the New York Police Department. Commanding officer of the NYPD’s Employee Assistance Unit. A master’s degree from Harvard.

Lawrence got to Rhode Island the way a lot of people do: through someone who grew up here and never really left, at least not in spirit. Her husband, Brooke Lawrence, grew up in West Greenwich, and is director of the town’s emergency management agency.

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“I couldn’t imagine retiring in my 40s,” Lawrence told me. “And I couldn’t imagine not giving back to my community.”

Public service has been part of Lawrence’s life for as long as she can remember. A New Jersey native, she dreamed of following in the footsteps of her mentor, a longtime FBI agent. She graduated from Monmouth University and earned a master’s degree in forensic psychology from John Jay College in 2001, shortly before the Sept. 11 attacks.

There was high demand for police in New York at the time, so Lawrence raised her hand to serve. She worked her way up the ranks from patrol to lieutenant, eventually taking charge of the department’s Employee Assistance Unit, a peer support program that helps rank-and-file officers navigate the most traumatic parts of the job. She later earned a second master’s degree from Harvard’s Kennedy School.

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“It’s making sure our officers are getting through their career in the same mental capacity as they came on the job,” Lawrence said.

There’s a version of Lawrence’s new job that feels routine, especially at a quiet commuter campus like Rhode Island College. And when Lawrence was initially hired part-time last fall, it probably was.

Then the shooting at Brown University changed the stakes almost overnight.

On Dec. 13, Claudio Manuel Neves Valente, a Portuguese national and one-time student at Brown, opened fire inside the Barus and Holley building, killing two students and injuring nine others. Neves Valente also killed an MIT professor before he was found dead in a New Hampshire storage unit of a self-inflicted gunshot wound.

In eerie videos recorded in the storage unit, Neves Valente admitted that he stalked the Brown campus for weeks prior to his attack. He largely went unnoticed by campus security, which led the university’s police chief to be placed on leave and essentially replaced by former Providence Police Chief Colonel Hugh Clements.

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Lawrence assisted with the response at Brown. She leads the trauma response team for the Rhode Island Behavioral Health Medical Reserve Corps, which staffed the family reunification center in the hours after the shooting.

RIC’s campus is more enclosed than Brown’s — there are only two major entryways to the college — but there are unique challenges.

For one, it’s technically located in both Providence and North Providence, which requires coordination between multiple public safety departments in both communities.

More specifically, Lawrence noted that every building on campus has the same address, which can present a challenge in an emergency. Lawrence has worked with RIC leadership and local public safety to assign an address to each building.

Lawrence stressed that she doesn’t want RIC to overreact to the tragedy at Brown, and she said campus leaders are committed to keeping the tight-knit community intact.

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But she admits that the shooting remains top of mind.

“Every campus community sees what happened at Brown and says ‘please don’t let that happen to us,’” Lawrence said.

Lawrence said everyone at RIC feels a deep sense of responsibility to keep students safe during their time on campus.

And she already feels right at home.

“I want to come home from work every day and feel like I made a difference,” she said.

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Dan McGowan can be reached at dan.mcgowan@globe.com. Follow him @danmcgowan.





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Taylor Swift And Travis Kelce Tying The Knot In RI? Online Casino Doesn’t Think So

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Taylor Swift And Travis Kelce Tying The Knot In RI? Online Casino Doesn’t Think So


If you thought the smart money was on pop icon Taylor Swift and gridiron star Travis Kelce tying the knot in Rhode Island, an online crypto casino and sportsbook is here to tell you you’re wrong.

The Ocean State was the second favorite at +155 and 39.22%, and Pennsylvania and Ohio were together at a distant third at +1,600 and 5.88%.

Tennessee was the fifth choice at +2,000 and 4.76%.

“New York is the favourite because it’s the city most closely tied to Taylor Swift’s public life, with multiple residences, strong emotional branding, and world‑class venues that offer privacy and security for a high‑profile event,” an unidentified spokesperson said in a media release.

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Human Remains Found Near Taylor Swift’s Mansion Identified: Report





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Rent control won’t solve Providence’s steep rental prices – The Boston Globe

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Rent control won’t solve Providence’s steep rental prices – The Boston Globe


Part of the story is the pandemic-era shift toward smaller cities. But the larger truth is Providence has not built enough housing to keep up with demand. In 2024, Rhode Island ranked 50th in the nation for new housing permits – dead last. That isn’t ideology; it is economics.

As housing experts have said, including HousingWorksRI Executive Director Brenda Clement, we have a basic supply-and-demand problem. Expanding housing supply for everyone should be the focus.

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To its credit, Providence has begun to move. Recent efforts by Mayor Brett Smiley, the City Council, nonprofit partners, and private developers have created hundreds of new units. More are in the pipeline. That progress must continue.

As rents rise, pressure for immediate relief has grown. The City Council’s proposed solution is rent control: a cap on annual rent increases at 4 percent. In practice, it fails to solve the underlying problem, and creates new ones.

First, rent control does not make today’s rent affordable, it only limits future increases by creating a cap. Many landlords will raise rents to the cap each year. A $2,000 apartment under a 4 percent cap becomes $2,433 after five years – an increase that renters still feel acutely. That is basic compounding, not a worst-case scenario.

Second, rent control would create a hole in Providence’s budget, as it reduces the taxable value of properties. The Smiley administration examined rent-controlled cities and applied the outcomes to Providence’s tax base. The projected annual revenue loss ranges from $10.3 million to $17.5 million.

When rental property values decline, cities are left with two choices: raise taxes or cut services. Education funding, park improvements, library funding, and basic infrastructure all come under pressure. Experience elsewhere shows this burden does not fall on landlords; it shifts to single-family homeowners. Portland, Maine, saw a 5.4 percent reduction in its tax base after rent control, forcing these tradeoffs. The implementation of rent control will affect all Providence residents, whether they rent or own.

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Third, rent control discourages new housing production, the opposite of what Providence needs. Developers are less likely to build in cities where future revenue is capped, financing is harder, and long-term costs are unpredictable. St. Paul, Minnesota, offers a cautionary tale. After voters approved a strict rent cap in 2021, new unit creation dropped by more than 84 percent in the first quarter, forcing city leaders to exempt new construction, which is exempt in the Providence City Council rent control proposal.

When we build more housing at all price points, market pressure eases, as supply catches up with demand.

That does not mean ignoring the pain people feel today. I grew up here, attended our public schools, and bought a modest single-family home in the neighborhood where I was raised. I feel today’s housing pressures firsthand and hear them daily from family and neighbors. After 12 years on the council, including a leadership role in 2011 when Providence was on the brink of bankruptcy, I know our elected officials genuinely want workable solutions.

That is why, as executive director of The Providence Foundation, an organization of 140 private business and nonprofit members from myriad industries, I recommended we commission a study by the Rhode Island Public Expenditure Council to educate the public on this issue and identify solutions. The report revealed the most effective approach to housing shortages and high costs pairs aggressive housing production with targeted rental assistance for households most at risk of displacement.

Cities across the country have shown what works: modernized zoning, faster permitting, conversion of underused commercial space, and temporary rental assistance to help families stay housed while new supply comes online. These strategies outperform rent control. Overcoming the housing challenge will require all levels of government to play a role.

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Reasoned policy will meet Providence’s housing needs and strengthen our economy for a brighter tomorrow.

David Salvatore is the executive director of The Providence Foundation, a nonprofit organization committed to supporting visionary projects downtown, and a former Providence City Council president and member.





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