Jeb Spaulding, Vermont state treasurer, and a group of state legislators plan to introduce a bill next January that would create a program in which small employers and self-employed people in the state could offer 401(k)-type retirement savings plans.
"This is one possible way to piggyback onto our existing DC plan and help small businesses offer employer-based plans," Mr. Spaulding said in a telephone interview.
The proposal would create a voluntary retirement savings program for employers and employees as well as self-employed people in the state. The program would be sponsored by the state and would use services of the state's existing defined contribution plans. Administrative costs would be covered by a fee paid by participants.
Mr. Spaulding said he has presented the proposal to staff of Gov. James Douglas and "they're going to take a wait-and-see approach."