What is RISavers?
RISavers is the state’s retirement savings program for private-sector employers that do not offer a qualified plan. Employers with five or more employees must register and automatically enroll eligible workers. Employees become eligible if they are at least 18 years old, have been employed for at least 120 days, and earn taxable wages from a Rhode Island employer.
Registration deadlines
The registration deadline depends on the size of your business:
- Employers with 5+ employees: December 12, 2025
Non-compliance penalties
Failure to comply with the state mandate may result in financial penalties:
- $250 per eligible employee per year
What you’re missing with RISavers
RISavers is designed to check a compliance box - but for businesses and employers, it often falls short:
- Limited investment optionsEmployees can't build customized retirement portfolios.
- No employer benefitsBusinesses spend time managing compliance, but don't receive tax incentives.
- One-size-fits-allEvery business is forced into the same model, regardless of size or needs.
- Minimal growth potentialLimited funds can mean lower returns for employees over time.
- Harsh penaltiesNon-compliant businesses face fines of up to $250/ employee per year, creating significant financial risk.
Ready for a retirement solution that works better for your business?
SIMPLE IRA: The smart alternative to RISavers
A SIMPLE IRA plan offers significant advantages over the state-mandated option, providing tax benefits for employers and greater growth potential for employees. It's a powerful tool for attracting and retaining talent.
- Tax credits Qualify for up to $5,500 in tax credits for starting a new plan.
- Employer tax deductions Contributions you make are tax-deductible as a business expense.
- Higher contribution limits Both employees and employers can contribute significantly more than with RISavers.
- Investment flexibilityEmployees get access to a wide range of investment options, not just a few target-date funds.
- Attract & retain talentOffering a superior retirement benefit makes your company more competitive.
See How Much You Can Save with a SIMPLE IRA
Small businesses can take advantage of tax credits to help cover setup and administrative costs. By launching a new plan with auto-enrollment, you could qualify for up to $5,500 in tax credits!
How tax credits work
Tax credits are designed to offset the cost of setting up and administering, as well as contributing to the employees retirement savings.
Employers can claim up to $5,000 per year for three years to offset plan setup and administrative costs. They may qualify for additional tax credits.
- Auto-enrollment bonusIf you make the plan automatic (employees are enrolled unless they opt out), you get an extra $500 credit for 3 years.
- Employer contributionsYou may also get credits for money you put into employees' accounts (up to $1,000 per employee in the early years).
Together, these credits can add up to thousands in savings for your business. Curious how much you could claim?
Try our calculator and see exactly how much you could save.
Estimate your tax credit
Disclosure*
The SIMPLE IRA tax credit calculator is intended to estimate the average tax credit for your business. Please note, it does not constitute tax or legal advice.
Elevate your retirement savings with WealthRabbit
Instead of enrolling in RISavers, Rhode Island businesses can choose a qualified alternative like a WealthRabbit SIMPLE IRA — a smarter way to stay compliant
- Self-onboardingEmployers and employees sign up on their own—retirement plans are up and running in just a few clicks.
- Seamless payroll integrationWealthRabbit seamlessly connects with your payroll system to ensure accurate and timely contributions for every employee.
- Streamlined plan rolloversEasily roll funds from your existing retirement plan into WealthRabbit— no hassle, no delays.
- Automated contributionsEnjoy a hands-off approach to retirement savings. Set up automatic deposits so your team never misses a contribution.
- Employee & employer portalsManage contributions and investments anytime, anywhere — with real-time access to performance and account activity.
RISavers vs. WealthRabbit
A quick look at how WealthRabbit’s SIMPLE IRA compares to Rhode Island’s state program.
| Feature | RISavers | WealthRabbit SIMPLE IRA |
|---|---|---|
| Administrative efforts | State-mandated with limited customization; minimal employer involvement | Streamlined process with automated setup and payroll integration |
| Retirement options | Roth IRA only; default 5% contribution with auto-escalation to 10% and no employer match | More diverse investment options, customizable based on business needs |
| Eligibility criteria | Employers must have 5 or more employees; Employees must work 120 days to qualify for contributions | Participation is open to employers with ≤100 employees earning ≥$5,000. A required contribution is either a 3% dollar-for-dollar match or a 2% nonelective contribution |
| Flexibility | State-regulated with fixed contribution rates and minimal flexibility | Highly customizable plan with the ability to modify contribution rated and match options |
| Monthly fees | No employer fees; employee accounts are subject to state administrative fees | User-friendly portals+mobile access + stronger growth Low-cost setup: $29/month + $4 per employee, no state fees |
| Employee experience | Basic account with limited tools for employees | Comprehensive dashboard, financial literacy resources, and rollover support |
Frequently asked questions
RISavers is the state-facilitated Roth IRA program for private-sector employees whose employers do not offer a qualified retirement plan.
Private-sector employers in Rhode Island are required to register for RISavers or certify an exemption if they meet the following criteria:
- They have five or more employees in Rhode Island
- Do not currently offer a qualified retirement plan
Employers who do offer a qualified plan (such as a SIMPLE IRA) must still notify the state by certifying their exemption through the New York Secure Choice portal.
The RISavers program officially launched in 2024, and registration deadlines are phased by employer size to allow businesses time to prepare. Employers with five or more employees that do not already offer a qualified retirement plan are required to register or certify an exemption by December 12, 2025.
If you have questions about your specific deadline, contact WealthRabbit support for assistance.
Employers that fail to register or certify an exemption with RISavers may be subject to financial penalties. The Rhode Island Office of the General Treasurer may issue fines of $250 per eligible employee per year for noncompliance. These penalties can continue annually until the employer completes registration or provides a qualified retirement plan, such as a WealthRabbit SIMPLE IRA.
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