In front of a large crowd on Thursday at the Northern Stage theater in White River Junction, Governor Scott signed into law S.135, a bill that creates a state-administered retirement program.
As part of a larger economic development bill that supports rural and downtown development, Section C of the legislation authorizes the Treasurer’s Office to implement the Green Mountain Secure Retirement Plan, a public retirement program for Vermont employees lacking an employer-sponsored plan.
Over 100,000 workers lack retirement savings in the state – a significant problem for individuals, local economies, and the state. To address this, the law sets up a Multiple Employer Program (MEP) for small businesses with 50 employees or less to opt in to. Most of Vermont’s businesses are small employers without the resources or financial capacity to provide retirement services for their employees, while at the same time we know that workers are 15 times more likely to save if their employers offer a plan. As Treasurer Pearce put it,
“This voluntary program will expand opportunity for more Vermont citizens to be better prepared for retirement, strengthening the economic vitality of our state.”
VPIRG would like to thank Governor Scott, Treasurer Pearce, legislative leaders, and our tireless members for all of their hard work on passing this bill that will have an immediate and beneficial impact on so many in our community!
Read more here: http://www.vermontbiz.com/news/june/governor-signs-bill-encourage-development-downtowns