Treasurer Pieciak Celebrates $10 Million Saved for Retirement Using Vermont Saves

What this means

A factual summary is pending editorial review. The complete official release is reproduced below with issuer attribution and a direct link to the original publication.

Official release

Source material from Vermont Office of the State Treasurer. The wording below is the issuer’s statement.

Montpelier, VT – Vermont Saves, the state-sponsored retirement savings program for workers without access to employer sponsored plans, has reached an exciting new milestone: more than $10 million saved for retirement. The achievement comes just two years after the program’s launch in fall 2024 and reflects strong uptake among employers and savers across the state.

“Vermont Saves makes it easy, automatic, and affordable to save for retirement,” said Treasurer Pieciak. “Reaching $10 million in savings, in just the program’s second year, shows how small amounts saved consistently over time can add up to a more dignified and secure future for workers across our state.”

By law, Vermont Saves requires employers with two or more W‑2 employees who do not offer a qualified retirement plan to enroll in the program. Employers can facilitate the program at no cost, with minimal administrative burden, and no obligation to contribute. Vermont Saves provides an easy way for businesses to help their employees start saving through payroll contributions. For many Vermonters, this is the first time they’ve had access to a retirement option at work.

To date, nearly 8,150 employees across more than 2,750 employers have begun saving through Vermont Saves, demonstrating the value of a simple, portable, and accessible savings tool, particularly in sectors where offering retirement benefits has historically been difficult to offer for small employers, such as hospitality and childcare.

Participation continues to grow as newly eligible businesses register ahead of enforcement timelines and as more small employers seek low-cost ways to attract, support, and retain their workforce. That steady growth, powered by contributions made a few dollars at a time, is what pushed Vermont Saves past the $10 million threshold this month.

The Office of the State Treasurer and the program administrator, Vestwell, will continue proactive outreach to eligible employers to support compliance and ensure all Vermonters have access to a reliable way to save for the future.

Learn more about the program and access resources for employers and savers through Vermont Saves.

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Release text attributed to Vermont Office of the State Treasurer. Consult the official publication for any subsequent corrections or updates.