Vermont Business Magazine The Vermont Saves retirement program now offers support in 18 languages for employers and savers, Treasurer Pieciak announced today. Led by the program administrator Vestwell State Savings, LLC, the expansion will help hundreds—potentially thousands—of Vermonters with limited English proficiency save for retirement.
Vermont Saves is a simple, affordable retirement plan offered through the Treasurer’s Office to Vermont employers and their workers. The 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 are not offered a workplace retirement plan—leaving them at a higher risk of a less secure and dignified future. While studies show that workers are 15 times more likely to save for retirement if offered a plan through their employer, many small businesses cannot afford one for their employees. Under Vermont Saves, tens of thousands of working Vermonters now have access to a retirement plan for the first time—all at little to no cost to their employer.
According to 2024 U.S. Census data, 5.8% of Vermonters speak a language other than English at home, representing thousands of individuals—many of them workers—who can now save for retirement through Vermont Saves.
"Vermont Saves is providing retirement savings to workers that power our economy but have long been left out when it comes to financial benefits,” said Treasurer Pieciak. “As Vermont’s workforce continues to evolve, and foreign newcomers play a greater role in our economy, this expansion will ensure no worker is left behind because they speak another language.”
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.
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.
The Treasurer’s Office has worked to ensure access to Vermont Saves for non-English-speaking employers and employees. In November 2024, the Office’s Economic Empowerment Division partnered with the Vermont Language Justice Project to translate a Vermont Saves explainer video into 18 of the state’s most commonly spoken languages, plus sign language.
Since launching in December 2024, over 1,000 employers have enrolled in Vermont Saves, reporting that the process is simple and easy. Over 4,500 Vermonters are participating in the program, collectively saving over $3 million toward their retirement. Early data shows a significant number of savers are younger Vermonters who will benefit most from their investments growing over time.
Learn more about Vermont Saves here.
10.7.2025. Montpelier, VT – Office of the Vermont State Treasurer
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