§ 35-23-9. Employer participation.
(a) After the office of the general treasurer opens the RISavers retirement savings program
for enrollment, eligible employers shall have a payroll deposit retirement savings
arrangement to allow employee participation in the program under the terms and conditions
prescribed by the office of the general treasurer.
(b) Within twelve (12) months after the office of the general treasurer opens the program
for enrollment, eligible employers with more than one hundred (100) eligible employees
and that do not offer a retirement savings program pursuant to subsection (g) of this
section shall have a payroll deposit retirement savings arrangement to allow employee
participation in the program.
(c) Within twenty-four (24) months after the office of the general treasurer opens the
program for enrollment, eligible employers with more than fifty (50) eligible employees
and that do not offer a retirement savings program pursuant to subsection (g) of this
section shall have a payroll deposit retirement savings arrangement to allow employee
participation in the program.
(d) Within thirty-six (36) months after the office of the general treasurer opens the
program for enrollment, all other eligible employers that do not offer a retirement
savings program pursuant to subsection (g) of this section shall have a payroll deposit
retirement savings arrangement to allow employee participation in the program.
(e) The office of the general treasurer, in its discretion, may extend the time limits
defined in subsections (b) through (d) of this section.
(f)(1) Each eligible employee shall be enrolled in the program unless the employee elects
not to participate in the program. An eligible employee may elect to opt out of the
program at any time by making a notation on the opt-out form.
(2) Following initial implementation of the program pursuant to this section, at least
once every year, the office of the general treasurer shall designate an open enrollment
period during which eligible employees that previously opted-out of the program may
enroll in the program.
(3) An employee who elects to opt out of the program who subsequently elects to participate
through the employer's payroll deposit retirement savings arrangement may enroll at
any time.
(g)(1) An employer that provides an employer-sponsored retirement plan, such as a defined
benefit plan or a 401(k), 403(b), 457(b), simplified employee pension (SEP) plan,
or savings incentive match plan for employees (SIMPLE) plan, or that offers an automatic
enrollment payroll deduction IRA, shall be exempt from the requirements of the RISavers
retirement savings program, if the plan or IRA qualifies for favorable federal income
tax treatment under the federal Internal Revenue Code.
(2) An employer shall retain the option at all times to set up and offer a tax-qualified
retirement plan, instead of facilitating employee participation in the RISavers retirement
savings program.
(h)(1) Following initial implementation of the program pursuant to this section, and at least
once every year, the general treasurer shall designate an open enrollment period during
which optional employers may enroll in the program.
(2) An optional employer that enrolls in the program may elect to opt out of the program
upon thirty (30) days' notice provided to employees and to the office of the general
treasurer.
(i) By regulation, the office of the general treasurer may set a default contribution
rate, unless otherwise specified by the employee. Employees shall have the ability
to change their contribution rate at any time with thirty (30) days' notice provided
to the office of the general treasurer.