{"id":443,"date":"2025-01-21T22:05:54","date_gmt":"2025-01-21T22:05:54","guid":{"rendered":"https:\/\/secure.eplanservices401k.com\/blog\/?post_type=article&#038;p=443"},"modified":"2025-01-21T22:29:54","modified_gmt":"2025-01-21T22:29:54","slug":"rhode-island-passes-savings-plan-mandate-what-does-that-mean-for-yourclients","status":"publish","type":"article","link":"https:\/\/secure.eplanservices401k.com\/blog\/article\/rhode-island-passes-savings-plan-mandate-what-does-that-mean-for-yourclients\/","title":{"rendered":"Rhode Island Passes Savings Plan Mandate: What Does That Mean for YourClients?"},"content":{"rendered":"\n<p>Rhode Island is the latest state to mandate an employer retirement savings program for certain \nbusinesses, bringing the grand total to 17.  On June 26, 2024, Rhode Island passed the Rhode \nIsland Secure Choice Retirement Savings Program Act, a law that aims to provide retirement \ncoverage for workers who did not previously have access to a retirement savings account.<\/p>\n<p>While this legislation is a great opportunity for Rhode Island workers to save for their futures, \nthe state\u2019s Roth IRA program is not the only option your business-owning clients have. They \ncould also choose a qualifying alternative, like an ePlan Services 401(k) retirement plan. Want to\nlearn how you can help them choose wisely? Allow us to be of assistance.<\/p>\n<h2 style=\"text-align:center\">Key Takeaways:<\/h2>\n<ul>\n<li>Recently, Rhode Island has mandated business owners to offer their workers a retirement \nsavings option. However, the program is in development, and there are currently no \nestablished deadlines for enrollment.<\/li>\n<li>Business owners with five or more employees will need to choose the state-administered \nRoth IRA or provide a qualifying retirement savings plan alternative like an ePlan \nServices 401(k).<\/li>\n<li>You can earn your clients\u2019 trust and boost your business by showing them what they can \ngain from an ePlan Services retirement plan.<\/li>\n<\/ul>\n\n<h2>What is the Rhode Island Secure Choice Retirement Savings Program?<\/h2>\n<p>The Rhode Island government passed the Rhode Island Secure Choice Retirement Savings \nProgram Act, a bill that provides a retirement savings option to the <a href=\"https:\/\/www.sanders.senate.gov\/wp-content\/uploads\/Secure-Retirement-for-All-Report-02.28.2024.pdf\">172,000 Rhode Islanders who\ncurrently do not have access to a retirement plan. According to a Secure Retirement for All \nreport, workers are 15 times more likely to save for retirement if they can participate in a \nworkplace plan<\/a>. This bill states that employers with five or more employees must provide their \nemployees with a retirement savings solution. The mandate is scheduled to become effective \nwithin 36 months of the enrollment period&#8217;s start.<\/p>\n\n<p>Deadlines for enrollment in the Rhode Island Secure Choice program have not yet been \ndetermined. But it\u2019s best for your clients not to wait until the last minute to enroll in a qualifying \nplan. Once a deadline for enrollment is determined, failure to comply with this legislation can \nresult in a $250 fine per employee.<\/p>\n<h2>Why is an ePlan Services 401(k) retirement plan a wise choice?<\/h2>\n<p>Do you want to provide your clients with a retirement plan option that helps both their businesses\nand yours? A state-sponsored Roth IRA may seem like a quick fix, but it lacks the advantages \nthat come along with enrolling in a 401(k) plan. An ePlan Services 401(k) retirement plan caters \nmore to the needs of your client, has higher contribution limits, and offers beneficial tax credits \nfor starting a new plan, adding an employer-matching contribution, and an auto-enrollment \noption.<\/p>\n<h2>How can you show your clients the ePlan Services difference?<\/h2>\n<p>Speaking of tax credits, you can show your clients what they stand to save with our <a href=\"https:\/\/secure.eplanservices401k.com\/tax-credit-estimator\/\">easy-to-use \ntax estimator<\/a>. There\u2019s no need to crawl through complex government documentation: simply \ninput their business information and press calculate. It\u2019s a powerful tool that may help you close \nmore deals and expand your book of business.<\/p>\n<h2>Conclusion:<\/h2>\n<p>Rhode Island just passed their mandatory retirement savings program legislation which means \nyour clients need to be ready to comply with the state\u2019s requirements or face the consequences. \nInstead of letting your clients settle for the bare minimum, lead them to a plan that works for \nthem, their employees, and your book of business. Are you ready to learn more about how \nworking with ePlan Services can help you and your clients? Contact our seasoned sales team \ntoday. We\u2019ll be glad to help!<\/p>\n","protected":false},"featured_media":455,"template":"","categories":[24],"tags":[],"class_list":["post-443","article","type-article","status-publish","has-post-thumbnail","hentry","category-for-advisors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rhode Island Passes Savings Plan Mandate: What Does That Mean for YourClients? - 401(k) Blog<\/title>\n<meta name=\"description\" content=\"The Rhode Island Secure Choice Retirement Plan is here. 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