Vermont Business Magazine In just months, Vermonters participating in the Vermont Saves retirement program have collectively saved over $1 million toward their retirement, Treasurer Mike Pieciak announced today.
The Vermont Saves program was brought forward by Treasurer Pieciak in 2023 and earned unanimous approval from the Legislature and Governor Scott. Treasurer Pieciak proposed Vermont Saves because many Vermonters have inadequate personal retirement savings, leading to a less secure and less dignified retirement.
Studies show that workers are fifteen times more likely to save for retirement if offered a plan through their employer. Unfortunately, many small businesses in Vermont are unable to afford retirement plans for their employees. Under Vermont Saves, tens of thousands of working Vermonters now have access to a plan for the first time at little to no cost to employers.
The program successfully launched in late 2024 and the number of participating employers, savers, and assets under management have quickly grown.
“As costs rise, too many Vermonters risk outliving their savings—jeopardizing their well-being and the financial health of our state,” said Treasurer Pieciak. “While saving for retirement can be daunting, Vermont Saves offers a plan to Vermonters who have been financially underserved, helping them save for the future and strengthening our economy over time.”
Administered by the State Treasurer’s Office, Vermont Saves is a simple, affordable way for Vermont employers to offer a retirement savings plan to their workers.
Employers with five or more employees who do not offer a qualified retirement plan, such as a 401(k), are required to enroll in Vermont Saves. Their employees will automatically be enrolled in a Roth IRA account with flexible options to save at their own pace. By default, each employee’s funds will be invested in a self-adjusting “target date” fund based on their age.
Savers can set their own contribution rate, choose from a menu of investment options, or opt out of the program at any time. Savers can always access any principal funds they put into their Vermont Saves account without penalty.
Since launching in December 2024, over 1,000 employers have enrolled in the program, reporting that the process is simple and easy. Early data shows a significant number of savers are younger Vermonters who will benefit most from having more time for their investments to grow before reaching retirement.
“The early success of Vermont Saves is encouraging, but hundreds of eligible employers still need to enroll,” said Treasurer Pieciak. “I hope Vermonters will join me in spreading the word about the program, so more workers can start saving as soon as possible.”
Learn more about Vermont Saves here.
6.11.2025. Montpelier, VT – Office of the Vermont State Treasurer
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