Treasurer Diossa Welcomes the Hawaiʻi Retirement Savings Program to the Multistate Alliance for Retirement Security
Growing partnership strengthens States’ Retirement Programs, benefits savers.
Providence, RI – Rhode Island Treasurer James A. Diossa and Comptroller Sean Scanlon today welcomed the Hawaiʻi Retirement Savings Program (HSRP) as the newest member of the Multistate Alliance for Retirement Savings (Retirement Alliance), an interstate partnership for state-facilitated automatic-IRA retirement savings programs. RISavers and MyCTSavings created the partnership in 2025, the second of its kind in the nation.
Like RISavers and MyCTSavings, the HRSP addresses the retirement savings gap for employees working for businesses that do not offer a retirement plan. Qualified private employers who do not offer a retirement plan are required to provide access to the state program. Employers enroll at no cost, automatically enroll their employees through a simple payroll process, and do not have any fiduciary responsibility for the investments. For employees, the program is voluntary, flexible, and portable. Automatic payroll contributions make it easy for workers to save consistently, building for themselves a more secure financial future.
“RISavers is already delivering on its promise to help more Rhode Islanders build financial security for their future. In just a short period of time, this program has connected thousands of workers, many for the first time, to a simple and affordable way to save for retirement,” said General Treasurer James A. Diossa. “The early success of RISavers reflects the strength of our partnership with Connecticut, and I look forward to seeing Hawaiʻi take this important step to help ensure every worker has a fair opportunity at a secure retirement.”
“I’m very excited to welcome Hawai’i and their future savers into the Multistate Alliance for Retirement Security,” said Comptroller Scanlon. “The only thing more beautiful than their state itself is their commitment to ensuring that all of their residents have access to a secure retirement. I look forward to working with them in the coming years and I’m grateful to Governor Green and his administration for their confidence in our growing interstate partnership.”
“Ensuring that every worker in Hawaiʻi has the opportunity to build long‑term financial security is a core priority for our state. By joining the Multistate Alliance for Retirement Security, Hawaiʻi gains access to a proven, scalable model that reduces administrative costs while delivering a high‑quality savings platform for our residents. This collaboration supports our commitment to fiscally responsible innovation that truly benefits our workforce. Our Board is proud to take this significant step to bring a modern, efficient, and accessible savings program to the people of Hawaiʻi. Partnering with Connecticut’s alliance allows us to leverage shared expertise, achieve cost savings, and accelerate HRSP’s implementation. Most importantly, it helps ensure that workers who have never had an easy path to retirement savings will now have one,” said Jade T. Butay, State of Hawaiʻi Department of Labor and Industrial Relations Director and Co-Chairperson of the Hawaiʻi Retirement Savings Board.
“Vestwell is proud to support the Hawai’i Retirement Savings Program as it joins the Multistate Alliance for Retirement Security. This growing partnership is a testament to the power of collaboration in expanding access to retirement savings for workers who need it most. As the administrator behind these programs, we have seen firsthand how state-facilitated auto-IRA programs can transform financial security for everyday workers — and Hawai’i’s participation only accelerates that impact. We look forward to working alongside Connecticut, Rhode Island, and Hawai’i to deliver a seamless, cost-effective savings solution for employers and employees alike,” said Douglas Magnolia, President of Government Savings, Vestwell.
As one of the first states to launch an auto-IRA program, Connecticut created the Retirement Alliance in 2024 with neighboring state Rhode Island and was chosen by the Hawaiʻi Retirement Savings Board as its partner program earlier this year. Through collaboration, the programs collectively achieve economies of scale faster, saving time, administrative resources, and decreasing fees for all participants, including a fee drop last year when the partnership was created. Partner states benefit from the host state’s start-up experience and are able to launch faster, giving workers much-needed access to retirement savings quickly.
In a little over 6 months since the launch of RISavers, more than 550 employers have registered their businesses to participate in the state’s portable retiremenet savings program. More than 2,300 employees statewide have already started saving for their retirement, building a secure financial future for themselves and their families.
Employees and their employers can use www.RISavers.gov to find helpful information and sign up for this service. RISavers is overseen by the Office of the General Treasurer and administered by Vestwell State Savings.
