H 7127: Rhode Island Requires ESG Investment Options for State Retirement Savings Program
Summary
Enacted in June 2024, H 7127 creates the Rhode Island secure choice retirement savings program, administered by the treasurer, to promote retirement savings for state private sector employees. When the treasurer opens the program, employers with over 100 employees may enroll within 12 months, employers with over 50 employees may enroll within 24 months, and all other eligible employers may enroll within 36 months. The law requires the savings program to offer investments in ESG-minded companies. Specifically, it states: "There shall be investment options that prioritize the securities of companies that demonstrate good governance, efficient use of environmental resources and thoughtful management of social impact."Enacted in June 2024, H 7127 creates the Rhode Island secure choice retirement savings program, administered by the treasurer, to promote retirement savings for state private sector employees.
When the treasurer opens the program, employers with over 100 employees may enroll within 12 months, employers with over 50 employees may enroll within 24 months, and all other eligible employers may enroll within 36 months. The law requires the savings program to offer investments in ESG-minded companies. Specifically, it states: "There shall be investment options that prioritize the securities of companies that demonstrate good governance, efficient use of environmental resources and thoughtful management of social impact."
