SENATE RESOLUTION URGING STATE AGENCIES TO EXPAND ACCESS TO RETIREMENT ADVICE AND GUIDANCE FOR RHODE ISLAND STATE EMPLOYEES TO ENSURE A SECURE AND DIGNIFIED RETIREMENT

S2920

2026 -- S 2920
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LC005199
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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S E N A T E R E S O L U T I O N
URGING STATE AGENCIES TO EXPAND ACCESS TO RETIREMENT ADVICE AND
GUIDANCE FOR RHODE ISLAND STATE EMPLOYEES TO ENSURE A SECURE AND
DIGNIFIED RETIREMENT

Introduced By:
Senators Pearson, Mack, Gallo, Tikoian, Lauria, Kallman, Euer, and
Zurier

Date Introduced:
March 04, 2026

Referred To:
Senate Labor & Gaming
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WHEREAS, The State of Rhode Island has established a hybrid retirement system
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combining guaranteed lifetime income through a defined benefit component with the individual
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control and portability of the defined contribution guaranteed lifetime income component; and
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WHEREAS, The challenge of managing both defined benefit and defined contribution
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elements requires employees to make critical decisions throughout their careers that significantly
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impact their ultimate retirement security; and
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WHEREAS, TIAA Institute research demonstrates that retirees need predictable income
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to maintain their quality of life in retirement, and the retirement industry has established an 80
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percent pre-retirement income replacement rate as the reliable benchmark for measuring whether
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a retirement plan is poised to deliver a consistent standard of living and a confident retirement,
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particularly as today's retirees face the reality of longer lifespans with potential retirement periods
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extending to age 95 or beyond; and
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WHEREAS, Professional retirement advice provides benefits across all career stages,
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helping younger workers harness compound interest, mid-career workers adjust plans after life
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events, and pre-retirement workers understand withdrawal strategies and tax implications; and
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WHEREAS, State government has both the opportunity and responsibility to lead by
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example by facilitating access to professional retirement advice for state employees,
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demonstrating commitment to the long-term financial well-being of those who serve the public;
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now, therefore be it

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RESOLVED, That this Senate of the State of Rhode Island hereby recognizes the critical
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importance of professional retirement advice and urges all state agencies to develop or expand
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comprehensive employee retirement advice and guidance programs that include regular
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workshops, access to one-on-one certified financial counseling, clear decision-support tools, and
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multiple communication channels; and be it further
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RESOLVED, That this Senate hereby encourages state agencies to prioritize advice
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access for employee populations facing greater retirement preparation challenges; and be it
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further
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RESOLVED, That this Senate hereby recommends state retirement system administrators
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partner with qualified financial advice providers to ensure employees receive holistic guidance
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addressing the full scope and benefits of their retirement plans; and be it further
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RESOLVED, That this Senate hereby encourages employees to consult with the state
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retirement plan and/or state sanctioned financial advisor to assess if they are on track to receive
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80 percent of their pre-retirement income when retired; and be it further
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RESOLVED, That this Senate hereby encourages the integration of technology-assisted
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advice tools in coordination with human financial advisors; and be it further
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RESOLVED, That this Senate hereby recommends state agencies measure and report on
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employee engagement and outcomes with retirement advice programs; and be it further
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RESOLVED, That this Senate hereby recognizes that maximizing employee retirement
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outcomes requires ensuring employees understand their plans, make informed decisions
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throughout their careers, and receive the continued professional guidance needed to achieve a
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secure and dignified retirement; and be it further
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RESOLVED, That the Secretary of State be and hereby is authorized and directed to
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transmit duly certified copies of this resolution to Governor Dan McKee, General Treasurer
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James Diossa, and Andrew Roos, Executive Director of the Employees' Retirement System of
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Rhode Island (ERSRI).
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LC005199
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