RISavers: does your Rhode Island business have to register, and by when?

If your Rhode Island business has five or more employees and no qualifying retirement plan, the state requires you to register with RISavers or offer your own plan.

The next deadline is October 15, 2026, for employers with more than 100 eligible employees. The last listed is October 15, 2028, for employers with 5 to 49 eligible employees.

Deadlines go by size, largest employers first. If you already offer a 401(k) or a similar plan, you certify an exemption instead.

Deadline coming upRISavers (also called Rhode Island Secure Choice)

Who has to do this?

Under the Rhode Island Secure Choice Retirement Savings Program Act (R.I. Gen. Laws chapter 35-23)4, a Rhode Island employer is covered when all of these are true:

  • You have five or more employees, counted as the average on your quarterly state wage reports (Form TX-17) for the previous year. 6
  • You don't offer a qualifying retirement plan. 4

What a covered employer does: Register with RISavers, enroll eligible employees and send their payroll deductions, or certify an exemption. 1

When?

The next deadline is October 15, 2026, for employers with more than 100 eligible employees.

RISavers deadlines
WhoDeadlineWhat is due
Employers with more than 100 eligible employeesOctober 15, 2026Register or certify an exemption 1
Employers with 50 to 99 eligible employeesOctober 15, 2027Register or certify an exemption 1
Employers with 5 to 49 eligible employeesOctober 15, 2028Register or certify an exemption 1

Whether a business is covered is worked out each year from the previous year's average headcount on its TX-17 reports. The statute's own wording for the size groups is more than 100, more than 50, and all other eligible employers. 6

What is RISavers?

  • Each employee's savings go to a Roth IRA in their own name. 3
  • Employees are enrolled at 5% of pay, rising 1% each January 1 up to 10%, and can opt out. 6
  • Employers may not contribute or match; the program does not permit it. 3

What if we already have a 401(k)?

  • Employers that offer a 401(k), 403(b), 457(b), SEP, SIMPLE IRA, defined benefit plan or automatic enrollment payroll deduction IRA that qualifies for favorable federal tax treatment are exempt. 4
  • If the program sent you a notice, certify your exemption online with the Access Code in it. 2

Your two options

Either one meets the requirement. The state program column is as the state describes it; which suits you depends on your business and your people.

Join RISaversOffer your own plan
What you doRegister with RISavers, enroll eligible employees and send their payroll deductions, or certify an exemption. 1Certify an exemption online with the Access Code from the program's notice. 2
Where the money goesA Roth IRA for each employee 3Accounts in the plan you choose, such as a 401(k)
Employer contributionsNot permitted 3Up to you, within the plan's design
Fee to the employerNo cost to the employer, according to the program. 2Set by the provider you choose

What does it cost?

The state program: No cost to the employer, according to the program. 2

Your own plan: the provider sets the fees, and federal tax credits can cover part of the cost of starting one. See 401(k) tax credits for small businesses and our pricing.

What happens if we don't?

  • After a notice of noncompliance, an employer that does not let eligible employees take part within 30 days, without good cause, is subject to a penalty of $250 per eligible employee. 5
  • The Treasury says businesses get a noncompliance notice before any further action. 1

General information, not legal advice. Rules change; confirm with the state program or your counsel.

Sources & Methodology
  1. Rhode Island Office of the General Treasurer, Important information regarding RISavers program, page dated December 2, 2025. Read October 13, 2026.
  2. RISavers, Program details (employers). Read October 13, 2026.
  3. RISavers, Employers. Read October 13, 2026.
  4. Rhode Island General Assembly, R.I. Gen. Laws § 35-23-9, Employer participation. Read October 13, 2026.
  5. Rhode Island General Assembly, R.I. Gen. Laws § 35-23-15, Penalties. Read October 13, 2026.
  6. Rhode Island Department of State, 120-RICR-00-00-6, Rules and regulations pertaining to the RISavers Retirement Savings Program, page dated effective February 11, 2026. Read October 13, 2026.

Each statement is paraphrased or quoted from the source it cites. A link to a state agency does not mean the agency endorses alooola. Last verified October 13, 2026.

Get help with RISavers in three steps

  1. Tell us about your business: your state, how many people work for you, and any plan you have now.
  2. An advisor talks it through with you and sends a written proposal with the fees, so you can weigh it against the state program.
  3. If you choose your own plan, we coordinate the setup with you and your payroll provider. You then certify your exemption with the state.
Request a proposal

Prefer to talk? Call (484) 275-5525, Monday–Friday, 9am–5pm ET.