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Newport This Week

Rhode Island is an undeniably small state, but like all places it lives in two timeframes at once: the present, with its daily pres­sures, and the future, shaped qui­etly by the decisions we make now.

One of those decisions sits be­fore the General Assembly in the form of a thoughtful proposal in­troduced by Rep. Alex Finkelman, with support from the Chamber: tax incentives to help small busi­nesses offer retirement savings plans to their employees.

At first glance, it may seem tech­nical, or another adjustment in the tax code, or alignment with federal policy. But that analysis would be an oversimplification of this pro­posal. The issue is not just about retirement accounts. We must decide whether we are serious, as a state, about investing in the dig­nity of work and the long-term sta­bility of the people who perform.

Too many Rhode Island workers lack access to employer-sponsored retirement plans. They are the backbone of our local economy, working in restaurants, small of­fices, shops, and service businesses that define our communities. Their employers, often operating on tight margins, want to support them but face real financial and administrative barriers.

This is where government can act not as a burden but as a partner. By offering targeted tax credits tied to participation and automatic enrollment, this legislation lowers the barrier just enough to make a difference. It does not mandate; it encourages. It aligns with federal policy and reflects the realities of running a small business.

And it recognizes something simple but powerful: habits shape outcomes.

Automatic enrollment, one of the bill’s key features, helps make saving the default rather than the exception. When employees are automatically included, participa­tion rises. Over time, steady contri­butions can grow into something meaningful, not vast wealth, but stability, independence, and a measure of security in later years that benefits our entire commu­nity.

That matters. It matters for in­dividuals who gain a foothold in their future. It matters for families, who begin to build assets that ex­tend beyond a single generation. And it matters for society, which is stronger when fewer people reach retirement without adequate fi­nancial planning.

We often speak about genera­tional wealth as if it belongs only to the already prosperous. But it begins in quieter ways: a first ac­count, a consistent contribution, a benefit offered where none existed before. It begins when working people are given not just wages, but a pathway.

For small businesses, the bene­fits are just as real. In a competitive workforce environment, the ability to offer retirement savings helps attract and retain employees. It builds loyalty and signals that a business is invested not just in today’s work but in its people’s futures.

That is how communities are strengthened, not through sweeping promises, but through practical policies that reinforce the relationship between employers and employees.

There is also a welcome humility in this proposal. It does not claim to solve every problem. It does not overreach. It simply creates better conditions for employers to offer more, for employees to save more, and for the state to support out­comes that are clearly beneficial.

Rhode Island’s future will not be secured by a single bill. But it will be shaped by whether we choose to invest in tangible ways in the next generation of employers and workers.

This proposal does exactly that. It is not flashy. It is not sweeping. But it is sound. And sometimes, the sound decisions are the ones that matter most.

Erin Donovan-Boyle, President& CEO of the Greater Newport Chamber of Commerce, and Matthew Vargas, Chair, Government Affairs Committee