As a reminder for employers in Vermont, Vermont Saves is a state-sponsored retirement savings program that helps employees without access to a workplace retirement plan save through a Roth IRA.

Employers with 5 or more employees, who have been in business for at least 2 years and do not offer a qualified retirement plan, are required to participate. The enrollment deadline was the end of February 2025.

Employer Responsibilities:

• Register at vtsaves.vermont.gov using the access code provided.
• Set up payroll deductions and submit employee contributions.
• Maintain records and enroll new hires within 120 days.

Program Highlights:

• Automatic enrollment of employees (age 18+, working 500+ hours/year).
• Default contribution: 5% of wages, increasing 1% annually up to 8%.
• Investment options: Capital Preservation Fund and Target Date Funds.
• No cost or fiduciary liability for employers.
• Employees can opt out or adjust contributions anytime.

If employers offer a qualified plan to any employees, they can be exempt but must certify the exemption online.

Support:

• Website: vtsaves.vermont.gov
• Employer Help Line: 1-844-599-4911
• Email: clientservices@vtsaves.vermont.gov

For additional information:

• Vermont Saves Program Webpage
• Vermont Saves Resources
• Vermont Saves Press Release
• Vermont Act 43 of 2023 (Vermont Saves – SB 135)

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