Rhode Island § 35-23-13 § 35-23-13. Required favorable federal tax treatment.

Rhode Island Statutes

§ 35-23-13 — § 35-23-13. Required favorable federal tax treatment.

Rhode Island § 35-23-13

Title 35Public Finance

Ch. 35-23Rhode Island Secure Choice Retirement Savings Program Act

This text of Rhode Island § 35-23-13 (§ 35-23-13. Required favorable federal tax treatment.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 35-23-13 (2026).

Text

§ 35-23-13. Required favorable federal tax treatment.
(a) The office of the general treasurer shall not implement the program if the IRA arrangements
            offered fail to qualify for the favorable federal income tax treatment ordinarily
            accorded to IRAs under the Internal Revenue Code, or if it is determined that the
            program is an employee benefit plan under the federal Employee Retirement Income Security
            Act.
         
(b) Prior to opening the program for enrollment, the office of the general treasurer shall
            report to the governor and the finance committees of the house and senate the specific
            date on which t

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§ 35-23-13. Required favorable federal tax treatment.

(a) The office of the general treasurer shall not implement the program if the IRA arrangements offered fail to qualify for the favorable federal income tax treatment ordinarily accorded to IRAs under the Internal Revenue Code, or if it is determined that the program is an employee benefit plan under the federal Employee Retirement Income Security Act.

(b) Prior to opening the program for enrollment, the office of the general treasurer shall report to the governor and the finance committees of the house and senate the specific date on which the program will start to enroll program participants and that the following prerequisites and requirements for the program have been met:

(1) The program is structured in a manner to keep the program from being classified as an employee benefit plan subject to the federal Employee Retirement Income Security Act;

(2) The payroll deduction IRA arrangements offered by the program qualify for the favorable federal income tax treatment ordinarily accorded to IRA arrangements under the Internal Revenue Code;

(3) The office of the general treasurer has defined in regulation the roles and responsibilities of employers in a manner to keep the program from being classified as an employee benefit plan subject to the federal Employee Retirement Income Security Act; and

(4) The office of the general treasurer has adopted a third-party administrator operational model that limits employer interaction and transactions with the employee to the extent feasible.