Rhode Island General Treasurer James Diossa unveiled a framework for investing in Rhode Islanders on Tuesday. The initiative will focus on three key areas: retirement savings, the Crime Victim Compensation Program, and economic development.
The Secure Choice Act is a retirement savings plan for private sector employees in Rhode Island who are not offered a retirement savings option by their employer. The program is modeled after successful legislation in 19 other states and would allow employees to contribute to a retirement savings plan through payroll deductions, and have their savings portable if they change their job.
The Crime Victim Compensation Program aims to make the Crime Victim Compensation Program more accessible for victims of violent crime. The program provides financial assistance to victims to help them cover the costs associated with the crime. The initiative would expand eligibility barriers for victims of sexual assault and hit and run victims, and allow them to use up to $1,000 of the total award to make reasonable modifications to their residence.
The Rhode Island Baby Bond Trust Act would create a $3,000 trust for every child born in Rhode Island that receives public health insurance. The trust would be managed by the Office of the General Treasurer to invest until the child reaches 18 years old. The program would provide an opportunity for young adults to pursue higher education, start businesses, or purchase a home.
“The best return our State can receive is from investing in our people,” said General Treasurer Diossa. “I have spoken with folks throughout Rhode Island and have thought strategically on what we can do to champion opportunity for all. With the Secure Choice Act, we are making sure private sector employees have the necessary funds for a comfortable retirement. With the Crime Victim Compensation Program package, we are easing the financial burden that victims face during one of life’s hardest and often unexpected moments. Lastly, with the Baby Bond Trust Act we are establishing a foundation for economic opportunity for all children in the Ocean State by closing the wealth equity gap. These are the investments that we should make to ensure all Rhode Islanders can reach their full potential.”
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.
