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MONTPELIER — Vermont small businesses with two or more employees will soon receive instructions to register for Vermont Saves or certify their exemption from the program, Treasurer Mike Pieciak said.
Earlier this year, the employer eligibility threshold for Vermont Saves was lowered from five employees to two, extending the program to thousands of small businesses.
In recognition of National Small Business Week, Pieciak is reminding newly eligible employers to enroll in Vermont Saves and highlighting the unique benefits the program delivers to small businesses.
“Small businesses are the cornerstone of Vermont’s communities—but for too many, offering retirement benefits simply isn’t in the budget. This hurts employees and employers alike,” said Pieciak. “By expanding Vermont Saves, we’re giving more Vermonters a path toward financial security, and helping our local businesses attract talent, hire, and compete.”
Vermont Saves is a free, public retirement plan for private-sector workers who do not have an employer-sponsored option. Employers who do not offer a qualified retirement plan are required to enroll in Vermont Saves, and their employees are automatically enrolled in a Roth IRA and may adjust their contributions or opt out.
Vermont Saves is designed to be straightforward for employers and accessible for employees who want to start saving for retirement. Caroline Corrente, owner and chef at Haymaker Bun Company in Middlebury, enrolled her business in Vermont Saves last year.
“Vermont Saves eliminates barriers for Vermonters looking to invest in their future and small business owners wanting to offer retirement savings,” said Corrente. “Before Vermont Saves, providing these benefits was filled with hurdles. As a small business owner, it feels good to be able to offer this as a meaningful benefit to my employees.”
The program continues to grow as more businesses and savers participate. One year in, the program now includes 6,050 saver accounts, 1,420 employers, and $7.15 million in assets. These figures reflect the program’s expanding reach and the increasing number of Vermonters saving for their future.
Enrollment instructions for newly eligible employers will arrive via mail or email from the program administrator, Vestwell. Employers who previously certified their exemption under the previous five employee threshold will also receive direct outreach to enroll or certify exemption. Employers who have been eligible since the program’s launch should have already received pre‑enforcement communications from the Treasurer’s Office.
Additional information and resources for employers and savers are available through Vermont Saves at https://vtsaves.vermont.gov/.
