Vermont Business Magazine The Vermont Saves retirement program has earned a national award for expanding retirement access to working Vermonters, Treasurer Pieciak announced today.
The 2025 Excellence in Innovation Award, presented by the Defined Contribution Institutional Investment Association and Pension & Investment Magazine, recognized the Partnership for a Dignified Retirement (PDR) for outstanding achievement in financial inclusion and program innovation.
PDR is an inter-state consortium of public retirement savings programs in Vermont, Colorado, Delaware, Maine, Nevada, and Minnesota. Together, they manage about 130,000 retirement accounts collectively saving over $200 million. The partnership lowers costs and improves efficiencies across state programs.
“While Vermonters are working harder than ever just to make ends meet, leaving little room to plan for the future, Vermont Saves makes saving easy and automatic—supporting a more dignified retirement for tens of thousands of Vermonters and strengthening our economy,” said Treasurer Pieciak.
PDR was critical in helping Vermont Saves launch ahead of schedule in December 2024. Pieciak continued, “The Partnership for a Dignified Retirement has been integral to the early success of Vermont Saves, keeping the program affordable for workers, employers, and taxpayers alike. I hope this achievement inspires other states to join us in expanding retirement access."
Vermont Saves is an affordable retirement plan provided through the Treasurer’s Office to Vermont employers and 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.
Treasurer Pieciak proposed Vermont Saves to the Legislature in 2023 to address Vermont’s retirement savings gap. The Georgetown University Center for Retirement Initiatives found that 1 in 3 Vermont workers lack access to a workplace retirement plan. Yet studies show that workers are fifteen times more likely to save for retirement if offered a plan through their employer.
Unfortunately, many Vermont businesses cannot afford a plan for their employees, leaving their workers far less likely to save for retirement. Through Vermont Saves, employers can now provide a plan to their workers at little to no cost.
In less than a year of operation, the program has given thousands of workers access to a retirement plan for the first time, with total savings surpassing $3.5 million. Over one thousand Vermont employers are participating in the program. They report the enrollment process is quick and easy. Despite this initial success, thousands of Vermont employers still need to enroll in Vermont Saves.
Learn more about Vermont Saves here.
Montpelier, VT – Office of the Vermont State Treasurer
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