Section 35-23-7 - Additional authority of the office of the general treasurerIn addition to the powers and authority granted to the office of the general treasurer pursuant to § 35-23-6, the office of the general treasurer shall have the power and authority to do the following:
(1) Cause the retirement savings program or arrangements established under the program to be designed, established, and operated, in a manner consistent with all of the following: (i) In accordance with best practices for retirement savings vehicles;(ii) To encourage participation, saving, and sound investment practices; and(iii) With simplicity, ease of administration for participating employers, and portability of benefits;(2) Disseminate educational information designed to educate participants about the benefits of planning and saving for retirement and information to help them decide the level of RISavers retirement savings program participation and savings strategies that may be appropriate for them;(3) Disseminate information concerning state and federal tax credits available to small business owners for allowing their employees to participate in the program, and any relevant state or federal tax credits available for participating employees;(4) Submit progress and status reports to participating employees;(5) If necessary, determine the eligibility of an employer, employee, or other individual to participate in the program;(6) Evaluate and establish the process by which an eligible employee of an eligible or optional employer is able to contribute a portion of their salary or wages to the program for automatic deposit of those contributions and the participating employer provides a payroll deposit retirement savings arrangement to forward the employee contribution and related information to the program or its agents. This evaluation and process may include, but is not limited to, financial services companies and third-party administrators with the capability to receive and process employee information and contributions for payroll deposit retirement savings arrangements or other arrangements authorized by this chapter;(7) Design and establish the process for the enrollment of program participants;(8) Allow participating employers to use the program to remit employees' contributions to their IRAs on their employees' behalf; and(9) Evaluate and establish the process by which an employee of an optional employer may enroll in and make contributions to the program.Added by 2024 Pub. Laws, ch. 350,§ 1, eff. 6/26/2024.Added by 2024 Pub. Laws, ch. 351,§ 1, eff. 6/26/2024.