# Vermont Expands Retirement Savings Program

Vermont's Office of the State Treasurer has announced that the Vermont Saves program, launched in 2024 to provide a state-sponsored retirement savings option, has surpassed $10 million in total savings. The program mandates enrollment for employers with two or more W-2 employees who lack qualified retirement plans, facilitating automatic payroll deductions to encourage retirement savings. With participation from over 2,750 employers and 8,150 employees, the initiative particularly supports small businesses in sectors such as hospitality and childcare.

- **Why this matters:** Procurement professionals should note the growing demand for program administration and payroll integration services as Vermont expands this mandatory retirement savings program.
- The involvement of Vestwell as the program administrator highlights opportunities for financial service providers specializing in retirement plan management.
- Organizations supporting small businesses in Vermont may find increased engagement opportunities to assist employers in compliance and employee enrollment.
- This program reflects a broader trend of state-level retirement savings mandates, signaling potential similar procurement initiatives in other states.

**Jurisdictions:** sled
**Industries:** Professional Services
**Topics:** Grants & Funding
**Published:** September 29, 2026

### Government Entities
- Office of the State Treasurer

### Vendors
- Vestwell (program administrator)

### Key Quotes
> Reaching $10 million in savings, in just the programs 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.
> — Treasurer Pieciak, State Treasurer

### Sources
- [Treasurer Pieciak Celebrates $10 Million Saved for Retirement Using Vermont Saves | Office of the State Treasurer](https://www.vermonttreasurer.gov/press-releases/treasurer-pieciak-celebrates-10-million-saved-retirement-using-vermont-saves) - VT