On February 13, NFIB Vermont hosted a webinar on the state’s new mandatory retirement savings program for all employers with five or more employees that do not already have an employee retirement program.

Vermont Saves launched in December 2024. Covered employers are required to register by February 28, 2025, and must begin payroll deductions for employees who elect to participate 30 days after registration.

Most covered employers should already have received an email or letter with an access code to register. If you didn’t receive an access code and need to register, check out the additional resources below the video. If you believe you are exempt and received an email/ letter, you may need to certify your exemption. Learn more here: Employer Verification / VermontSaves.

The program covers most employees who are over 18 years old and work more than 500 hours in a year. Employees are automatically enrolled but may opt out of the program at any time (including before payroll deductions start). See the additional resources below for information you can share with your employees.

>>>>Watch the Vermont Saves Webinar<<<<<

Becky Wasserman, Director of Economic Empowerment in the Vermont Treasurer’s Office, has overseen the launch of Vermont Saves. She joined NFIB VT for the webinar and answered questions from small business owners.

>>>>> You can view the Vermont Saves presentation slides here. <<<<<

>>>>> Watch the webinar here (Q&A begins at 26:40)

Additional Resources for Your Business:

Vermont Saves: Main Page for Employers

Information for Employers to Give Employees: Vermont Saves Investment Options & Opt-Out Information (pdf)

Need a new access code? Click here: Secure Choice Employer Intake – Formstack

Add Administrative User To Your Account: Inviting Other Administrative Users – Vermont Saves

Additional Resources for Your Employees:

Vermont Saves: Main Page for Employees

General Information for Employees: Saver Fact Sheet (PDF)

Vestwell Customer Service Portal: Saver Fact Sheet (PDF)

Additional Information from Vermont Saves:

1. Employers are not required to sign up until they’ve been in business for two years. How long after a business finishes its second year must they sign up?
2. An employer that becomes eligible after passing its second year in business has 120 days to register with Vermont Saves.
3. The State Treasurer may increase the default contribution rate from 5% to a higher number. Will that apply to both new and existing employees?
4. The auto-escalation would only apply at the beginning of the year following an employee’s onboarding and the employee must have been in the program for at least 6 months for it to apply. See Vermont Saves program rules for additional information: Vermont Saves Adopted Rule (pdf).

Questions?

If you have any questions about the webinar or the Vermont Saves program, please reach out to NFIB Vermont State Director John Reynolds (john.reynolds@nfib.org, 802-992-0751) or Grassroots Manager Julianna Rauf (julianna.rauf@nfib.org, 857-228-9978).

You can also contact the program directly: clientservices@vtsaves.vermont.gov or 844-599-4911.