An act relating to the establishment of VT Saves

This bill establishes the VT Saves Program, a state-run initiative designed to help Vermont employees who do not have access to employer-sponsored retirement plans save for the future. The program automatically enrolls eligible employees in a Roth Individual Retirement Account with a default contribution rate of five percent of their wages, though participants can opt out or adjust their contribution levels. Covered employers, which are businesses that do not currently offer tax-qualified retirement plans, are required to facilitate payroll deductions for these contributions. The program is administered by the State Treasurer and aims to increase financial security for workers while achieving cost efficiencies through centralized management.