(a) Employers shall not have any liability for an employee’s decision to participate in, or opt out of, the RISavers retirement savings program, or for the investment decisions of employees whose assets are deposited in the program. (b) Employers shall not be a fiduciary, or considered to be a fiduciary, over the Rhode Island secure choice retirement savings program. The program is a state-administered program, not an employer-sponsored program. If the program is subsequently found to be preempted by any federal law or regulation, employers shall not be liable as program sponsors. An employer shall not bear responsibility for the administration, investment, or investment performance of the program. An employer shall not be liable with regard to investment returns, program design, and benefits paid to program participants. (c) An employer shall not have civil liability, and no cause of action shall arise against an employer, for acting pursuant to the regulations prescribed by the office of the general treasurer defining the roles and responsibilities of employers that have a payroll deposit retirement savings arrangement to allow employee to the regulations prescribed by the office of the general treasurer defining the roles and responsibilities of employers that have a payroll deposit retirement savings arrangement to allow employee participation in the program. History of Section.P.L. 2024, ch. 350, § 1, effective June 26, 2024; P.L. 2024, ch. 351, § 1, effective June 26, 2024.
Rhode Island Legal Code