Vermont’s new public retirement program may arrive before 2024 ends

Vermont’s new public retirement program, called Vermont Saves, may launch before 2024 ends.

The program wasn’t supposed to open until next July.

Currently, 88,000 Vermonters lack retirement plan access through employers. This new program will require all Vermont businesses that don’t offer plans to sign up, giving employees access to a Roth IRA.

State leaders in Colorado, Maine, and Delaware have either already launched or are currently launching similar programs. State Treasurer Mike Pieciak told us that Vermont is following in their footsteps sooner than anticipated. Back in April, Pieciak announced a partnership between Colorado and Vermont to help initiate the program.

The team believes that any Vermont business could sign up as soon as the program launches. Their original plan had businesses sign up in waves over an 18-month period.

Pieciak believes that getting Vermont Saves off the ground, potentially 7-8 months sooner than planned, may give Vermonters more time to add their accounts and build interest.

“Sooner is always better, period, but particularly here where you’re talking about retirement savings. We want people to start saving for their retirement, and the earlier that you do that, the more you’re going to earn in your retirement account. So there really is a value here for individuals to be able to start earlier,” said Pieciak.

There will be events across Vermont before the program fully launches. Once it goes live, there will be a 3-6 week period for businesses to sign on.

Vermont Saves will be required for businesses that currently don’t offer employees retirement plans or benefits. It won’t cost employers any money, and workers can decide to opt out.

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