State-facilitated retirement program helps thousands of Vermonters start saving for the future
Vermont Business Magazine Today, Treasurer Mike Pieciak announced the completion of the first year of operations for Vermont Saves. The program is an affordable retirement savings option provided through the Treasurer’s Office for employers and their workers.
In its first year, Vermont Saves helped over 5,200 Vermonters begin building retirement security, with over $4.5 million collectively saved and participation from nearly 1,300 employers statewide.
“Right now, Vermonters are working harder than ever just to make ends meet, leaving little left over to save for retirement,” said Treasurer Pieciak. “Vermont Saves makes saving easy and automatic strengthening our economy and supporting a more affordable and dignified retirement for tens of thousands of Vermonters.”
Pieciak continued, “We are excited because over half of savers in the program are under the age of 40 and nearly a third are under 30. This is great because they have time on their side for investments to grow by the time they reach retirement.”
Vermont Saves was brought forward by Treasurer Pieciak in 2023 to address the over one-third of Vermont private sector workers lacking access to a retirement plan through their employer. Studies show that without an employer-sponsored savings plan, most people aren’t saving anything for the retirement.
Under Vermont Saves, Vermonters can automatically contribute to an individual retirement account (IRA) through payroll deductions, making saving easy, portable, and more affordable. 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. The program is of no cost to employers.
To date, 1,283 Vermont employers have enrolled in the program, helping their employees access retirement savings and strengthening employee recruitment and retention, morale, and long-term financial well-being.
Vermont Saves is in the rulemaking process to lower the employee threshold from five to two, which would expand access to the program and allow more small businesses and their employees to participate.
The Treasurer’s Office will continue outreach and education efforts in the program’s second year, with a focus on expanding participation, supporting employers through compliance, and helping savers increase their contributions over time.
Learn more about Vermont Saves here.
1.6.2026. Treasurer
To support vital journalism, access our archives and get unique features like our award-winning profiles, Book of Lists & Business-to-Business Directory, subscribe HERE!
