Rhode Island RISavers is launching for employers with 5+ employees. Providence-area businesses should start planning now — penalties are being finalized.
Get Your Free Rhode Island Compliance Audit →RISavers is Rhode Island's state-mandated retirement savings program. Rhode Island RISavers is launching for employers with 5+ employees. Providence-area businesses should start planning now — penalties are being finalized.
Employers who already offer a qualifying private retirement plan — such as a 401(k), SEP IRA, or SIMPLE IRA — are exempt from RISavers requirements.
Learn more at the official state portal: https://www.risavers.gov
Option 1 — Enroll in RISavers: Register through the state portal and facilitate payroll deductions. This fulfills the mandate but doesn't maximize tax savings.
Option 2 — Set up a private plan (recommended): A qualifying 401(k), SEP IRA, or SIMPLE IRA exempts you from the mandate AND qualifies you for up to $15,000 in SECURE 2.0 Act tax credits over 3 years.
Key difference: A private plan belongs to your company. CalSavers/state plans do not. Private plans also attract and retain better employees.
The SECURE 2.0 Act (2023) gives small business owners massive tax credits for starting a retirement plan:
✅ Up to $5,000/year for 3 years for plan startup costs
✅ $1,000 per employee/year for employer contributions (up to 50 employees)
For many Rhode Island small businesses, this makes a private 401(k) free or nearly free — while exempting you from RISavers requirements entirely.
RISavers is Rhode Island's forthcoming state-mandated retirement savings program for employers with 5+ employees.
Enforcement details are being finalized. Providence-area employers should evaluate options now.
Offer a qualifying 401(k) or IRA plan. SECURE 2.0 tax credits can cover startup costs.
Find out exactly what RISavers means for your business — and whether a private plan saves you more money than enrolling in the state program.
Book Your Free 15-Minute Audit →