Today, the Vermont House unanimously passed S.135, the VTSaves Retirement Program! This is a leap forward in addressing Vermont’s retirement savings crisis. The VTSaves Retirement Program will be life-changing for the over 88,000 hardworking private-sector Vermont employees without a workplace plan.
Having access to a retirement plan at work is critical for building financial security later in life. In fact, people are 15 times more likely to save if they can do so out of their regular paycheck, and they are 20 times more likely to do so if they are automatically signed up. Yet, 40% of Vermont private-sector employees work for a business that does not offer a workplace retirement plan. Once implemented, VTSaves will help provide an easy pathway for workers to build a safety net and grow the savings they need for a more secure future.
AARP applauds the leadership of State Treasurer Mike Pieciak and Vermont lawmakers in advancing this important piece of legislation. Please click here to send your representatives a well-deserved thank you note.
This story is provided by AARP Vermont. Visit the AARP Vermont page for more news, events, and programs affecting retirement, health care, and more.
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