Vermont has selected Colorado as a partner state to help establish its public retirement program, the state's treasurer, Mike Pieciak, announced recently.
The two states will negotiate a partnership agreement, and once it is established, the partnership will put VT Saves on track to debut by the end of 2024, providing tens of thousands of Vermonters access to a workplace retirement plan ahead of the July 1, 2026, deadline set by state law.
"Partnering with Colorado will lower costs, help achieve better returns and position VT Saves to launch sooner," Pieciak said in a statement. "Many Vermont workers without a retirement plan are not saving a penny for retirement."
VT Saves is an auto-IRA retirement savings plan that will be available for Vermonters not currently offered a retirement plan through their employer. The program became law last year in a unanimous vote, adding Vermont to a growing list of states that have enacted a public auto-IRA program.
On March 28, Washington's governor, Jay Inslee, signed a bill to create such a program.
