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Choose Your Better Future: Set Up A Retirement Plan!

Gene Kirzhner Aug. 27, 2023

In Rhode Island, Family Law states that a retirement asset is an asset that has been saved by the proprietary itself or its employer, preserving it to be used during the proprietary’s retirement. Depending on many factors, those retirement assets can be available to the proprietor at any given moment—when they reach a certain age or have worked a specific number of years and hours.

Retirement plans are extremely important since they can be used as a future stream of regular income for former employees who are no longer able (or just do not want to) keep working. On the other hand, funds in some defined benefit plans may have a present value but are not available for immediate distribution or withdrawal.

What Are Retirement Pans?

For generations, retirement benefits were considered a friendly promise from employers to their workers. Unfortunately, more and more often, employers are reneging on that promise. Because of the above and considering its extreme relevance for senior members of the community, the Rhode Island Secure Choice Retirement Savings Program Act (S2014) was presented in January 2022, which intends to promote increased retirement savings for private sector workers on a voluntary, low-cost basis through the establishment of the Rhode Island Secure Choice Savings board, which must appoint a third-party administrator, the establishment of several investment options, setting minimum and maximum contributions, and providing employee education materials.

Since nearly all businesses in Rhode Island will be bound to join the Program, the ability of many participants to save for retirement may improve, most notably the small business and disadvantaged group workers who are most in need.

Stock options, pensions, and other retirement savings are subject to Rhode Island’s property division laws (not limiting but rather) guiding senior members of society on how to properly administrate and use their retirement funds, and more importantly, mandating employers and public authorities on how to protect these retirement assets.

We Can Help with Your Retirement Plans

The Law Offices of Howe and Garside, LTD have years of experience in retirement law and will do everything we can to help you make the right decisions for your best legal outcome. Our attorneys will assess your legal concerns and handle your case with the attention it deserves. Contact us today or use our online contact form to schedule a free consultation.

The Law Offices of Howe and Garside, LTD provides highly experienced legal solutions in Newport, Lincoln, Middletown, Portsmouth, Warwick, Greenwich, Kingstown, Tiverton, and the surrounding Rhode Island communities.

The Law Offices of Howe and Garside, LTD

55 Memorial Blvd. Suite 5

Newport, RI 02840