Retirement Plan for Vermont's Small Businesses To Launch By Next Year

Jan 22, 2018

As many as 45 percent of Vermont private-sector workers don't have a retirement plan through their employer. To help Vermonters save — and to reduce reliance on public services when Vermonters go to retire — State Treasurer Beth Pearce is in the final phases of launching a new retirement plan aimed at Vermont's self-employed and those working for small businesses.

In all, Pearce hopes some of the roughly 104,000 workers in Vermont who lack a retirement plan at work will invest in the Green Mountain Secure Retirement Plan. Open to employers with fewer than 50 employees, the new retirement plan is set to launch in January 2019. The plan will first only allow employee contributions; Pearce says matching employer contributions are one of the goals for the GMSRP down the road.

Pearce joins Vermont Edition for a discussion on who will be eligible for the GMSRP, and what still needs to happen in the months before the plan's proposed 2019 launch.

Two public hearings are scheduled this month for feedback and input on the Green Mountain Secure Retirement Plan: the first is scheduled for Monday, Jan. 22 at 2 p.m. at the Vermont State House, and Monday, Jan. 29 at 1 p.m. in Rutland 's Franklin Conference Center.

Broadcast live on Monday, Jan. 22, 2018 at noon; rebroadcast at 7 p.m.