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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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Rhode Island

R.I. leading multi-state lawsuit against Trump administration housing policy – The Boston Globe

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R.I. leading multi-state lawsuit against Trump administration housing policy – The Boston Globe


Rhode Island and other states had recently won a ruling against HUD’s attempt to overhaul a federal homelessness grant program in fiscal year 2025.

US District Court Judge Mary S. McElroy found that HUD acted arbitrarily and capriciously in imposing illegal conditions on billions of dollars in funding for the Continuum of Care program, through which HUD distributes billions of dollars to state, local, and nonprofit agencies to support housing and services for people facing homelessness.

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For more than two decades, HUD had followed a “Housing First” model, which prioritizes rapid placement in permanent housing without requiring people to first meet conditions such as sobriety or a minimum income threshold.

However, on June 1, the Trump administration moved forward with new rules for fiscal year 2026 that seek to re-implement a cap on permanent housing. The new Notices of Funding Opportunity will set aside $1.3 billion for transitional housing and supportive service-only grants — which the coalition of states say will have the effect of capping permanent housing projects at about 68 percent of the funds.

HUD Secretary Scott Turner announced the new terms on June 1, saying the old model didn’t work.

“The ‘housing first’ experiment failed Americans by warehousing the vulnerable without results. This ideology promised to end homelessness. Instead, billions of taxpayer dollars were spent while homelessness increased to record levels,” Turner said in a statement. “Housing alone will not solve a crisis driven by addiction and mental illness. Under President Trump’s leadership, HUD is making necessary reforms to put recovery first.”

HUD said that the new Notice of Funding Opportunity for $4.04 billion through the Continuum of Care homelessness assistance program would support organizations that facilitate treatment and recovery and “prohibit funding the widespread use of illicit drugs and distribution of paraphernalia.”

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The lawsuit alleges that the new conditions will mean a large number of permanent housing projects funded by the Continuum of Care program will lose funding, which will lead to people being evicted, placing further strain on state and local governments.

“Instead of investing in programs that help people stay safe and housed, the Trump Administration has embraced policies that risk trapping people in poverty and punishing them for being poor,” the 44-page lawsuit alleges.

The shift threatens housing for at least 97,000 residents of CoC-funded permanent housing across the country according to the National Alliance to End Homelessness.

The states argue that HUD’s actions violate the Administrative Procedure Act for failing to proceed with notice-and-comment rulemaking, and for being arbitrary and capricious. They ask the court to declare that the challenged conditions are illegal and to block HUD from implementing them.

Along with Neronha, attorneys general from all New England states except for New Hampshire have joined the lawsuit. The coalition also includes attorneys general from Arizona, California, Colorado, Delaware, Illinois, Maryland, Michigan, Minnesota, New Jersey, New Mexico, New York, Oregon, Virginia, Washington, Wisconsin, and the District of Columbia, as well as the governors of Kentucky and Pennsylvania.

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Amanda Milkovits can be reached at amanda.milkovits@globe.com. Follow her @AmandaMilkovits.





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Throwback: USS Rhode Island commissioned in Newport

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Throwback: USS Rhode Island commissioned in Newport


Thirty-two years ago was the commissioning of a Navy submarine named after the Ocean State.

Maria Stephanos was on board the USS Rhode Island on July 9, 1994.

Rhode Island was the Navy’s 15th Trident class ballistic submarine.

It was commissioned in Newport and was the first to be christened in its namesake state.

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Handshake Initiative instills confidence, motivation in students

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Handshake Initiative instills confidence, motivation in students


They come from all walks of life, including many professionals in the community, taking time out of their busy days to welcome students to school with enthusiasm and handshakes.

“We learn a lot of new handshakes, too,” Kobi Dennis said. “High-fives. Pounds with an explosion. We get a little bit of everything.”

It’s the Handshake Initiative, the brainchild of now Central Falls Police Chief Anthony Roberson.

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Everybody can use some encouragement, and students in Rhode Island get that the minute they head toward the school building.

Initially, the students and parents didn’t know what to think.

“I was confused because I thought it was going to be a normal day,” said one student.

“Their parents were getting out of their cars trying to see what’s going on,” Reservoir Avenue School Principal Cynthia Torres said.

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But now, they crave it.

“It makes me feel motivated,” another student said.

Dennis adds in an etiquette component.

“Teaching the kids how to shake hands, look one another in the eyes with a firm grip — girl or guy — firm grip and say ‘hello’ and introduce yourself, that’s part of the initiative as well,” Dennis said.

Providence school superintendent Dr. Javier Montañez said it sends a strong message.

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“We hear you, we see you, and we’re here for you,” Montañez said.

Torres strategically uses them on standardized test days.

“They say, ‘I’m going to do really good today,’” she said.

“It makes me feel encouraged to do better in school,” a student said.

They’ve connected with thousands of students across Rhode Island.

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“It’s about shaking hands and building relationships, but it’s also about letting young people know that there are professionals in the community cheering for them every single day,” Dennis said.

Do you know of a nonprofit organization or volunteers doing great work in your community? Fill out a short nomination form for “Community Treasures.”



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