News Release — Main Street Alliance
June 8, 2017
Green Mountain Secure Retirement: A Boost to Vermont’s Small Business Economy
WHITE RIVER JUNCTION, VT – Vermont Governor Phil Scott signed a bill into law that creates a state-administered public retirement program (S.135). The law sets up a multiple employer program (MEP) that will be available to small businesses, those that employ 50 or fewer employees, and individuals who cannot access to a retirement savings plan through their employer. The program, Green Mountain Secure Retirement, will give more Vermonters access to secure retirement savings.
“Vermont is home to hundreds of small businesses. Many of which strive to pay good wages and support their employees, but one area where many business owners struggle to compete is in benefits offerings,” said Jen Kimmich, Co-owner of the Alchemist and Chair of the Board of Main Street Alliance of Vermont. “Green Mountain Secure Retirement will help level the playing field for Vermont’s small employers and set our state economy on a path to economic wellbeing.”
In Vermont, 104,000 workers lack retirement savings. This can strain the state’s economy because more older Vermonters are relying on public assistance or working well beyond retirement age. Public Retirement programs are a simple, straightforward solution to addressing this problem. Studies have shown that employees are more likely to save when they have access to a retirement plan at work. By connecting Vermont’s small employers to a vetted retirement product, Green Mountain Secure Retirement, will spell greater economic security for more Vermonters.
“Green Mountain Secure Retirement takes the guesswork and administrative hassle out of selecting a retirement product for employees and small business owners themselves,” added Kimmich.