§ 35-23-6. Powers of the office of the general treasurer.
(a) The office of the general treasurer shall have the power and authority to do all of
the following:
(1) Adopt a seal and change and amend it from time to time;
(2) Make provisions for the payment of costs of administration and operation of the program;
(3) Retain and contract with a Rhode Island public retirement system, consultants, actuaries,
counsel, auditors, and other professionals as necessary;
(4) Procure insurance against any loss in connection with the property, assets, or activities
of the program;
(5) Set minimum and maximum contribution levels in accordance with contribution limits
set for IRAs by the Internal Revenue Code;
(6) Collaborate and cooperate with private financial institutions, service providers,
and business, financial, trade, membership, and other organizations to the extent
necessary or desirable for the effective and efficient design, implementation, and
administration of the program and to maximize outreach to eligible or optional employers
and eligible employees;
(7) Collaborate with, and evaluate the role of, licensed insurance agents and financial
advisors in assisting and providing guidance for eligible employees;
(8) Cause expenses incurred to initiate, implement, maintain, and administer the program
to be paid from contributions to, or investment returns or assets of, the program
or arrangements established under the program, to the extent permitted under state
and federal law;
(9) Facilitate compliance by the retirement savings program or arrangements established
under the program with all applicable requirements for the program under the Internal
Revenue Code of 1986, including tax qualification requirements or any other applicable
law and accounting requirements, including providing or arranging for assistance to
program sponsors and individuals in complying with applicable law and tax qualification
requirements in a cost-effective manner;
(10) Carry out the duties and obligations of the Rhode Island secure choice retirement
savings program pursuant to this chapter and exercise any and all other powers as
appropriate for the effectuation of the purposes, objectives, and provisions of this
title pertaining to the program;
(11) Enter into intergovernmental agreements with any state agency to further the successful
implementation and operation of the program and all such agencies and instrumentalities
shall cooperate with the office of the general treasurer. All state agencies shall
cooperate as requested by the program in the performance of its duties under this
chapter, including, unless otherwise prohibited, the sharing of relevant data as the
parties shall mutually agree;
(12) Make and enter into contracts, agreements, memoranda of understanding, arrangements,
partnerships, or other arrangements to collaborate, cooperate, coordinate, contract,
or combine resources, investments, or administrative functions with other governmental
entities, including any states or their agencies or instrumentalities that maintain
or are establishing retirement savings programs compatible with the program, including
collective, common, or pooled investments with other funds of other states' programs
with which the assets of the program and trust are permitted by law to be collectively
invested, to the extent necessary or desirable for the effective and efficient design,
administration, and implementation of the program consistent with the purposes set
forth in this chapter, including the purpose of achieving economies of scale and other
efficiencies designed to minimize costs for the program and its participants; and
(13) Develop and implement an investment policy that defines the program's investment objectives,
consistent with the objectives of the program, and that provides for policies and
procedures consistent with those investment objectives. The office of the general
treasurer shall designate appropriate default investments that include a mix of asset
classes, such as target date and balanced funds. The office of the general treasurer
shall seek to minimize participant fees and expenses of investment and administration.
The office of the general treasurer shall strive to design and implement investment
options available to holders of accounts established as part of the program and other
program features that are intended to achieve maximum possible income replacement
balanced with an appropriate level of risk in an IRA-based environment consistent
with the investment objectives under the policy. The investment options may encompass
a range of risk and return opportunities and allow for a rate of return commensurate
with an appropriate level of risk in view of the investment objectives under the policy.
The menu of investment options shall be determined taking into account the nature
and objectives of the program, the desirability (based on behavioral research findings)
of limiting investment choices under the program to a reasonable number, and the extensive
investment choices available to participants in the event that they roll over to an
IRA outside the program.
(b) The office of the general treasurer shall adopt regulations it deems necessary to
implement this chapter consistent with the Internal Revenue Code and regulations issued
pursuant to that code to ensure that the program meets all criteria for federal tax-deferral
or tax-exempt benefits, or both.