Definitions.

As used in this chapter: (1) €œEligible employee€ means a person age eighteen (18) years or older who is employed by an eligible or optional employer and has been employed for a period of not less than one hundred twenty (120) days. €œEligible employee€ does not include: (i) Any employee covered under the federal Railway Labor Act (45 U.S.C. §§ 151€”164 and 45 U.S.C §§ 181€”188), or any employee engaged in interstate commerce not subject to the legislative powers of the state, except insofar as application of this chapter is authorized under the United States Constitution or laws of the United States; or (ii) Any employee on whose behalf an employer makes contributions to a Taft-Hartley pension trust fund. (2) €œEligible employer€ means a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, whether for-profit or not-for-profit, excluding the federal government, the state, any municipal corporation, or any of the state€™s units or instrumentalities, that has five (5) or more employees and that satisfies the requirements to establish or participate in a payroll deposit retirement savings arrangement. €œEligible employer€ does not include an employer that provides a tax-qualified retirement savings program as described in § 35-23-9. (3) €œIRA€ means an individual retirement account or individual retirement annuity under 26 U.S.C § 408 or § 408A (the federal Internal Revenue Code). (4) €œOptional employer€ means a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, whether for-profit or not-for-profit, excluding the federal government, the state, any municipal corporation, or any of the state€™s units or instrumentalities, that has under five (5) employees. (5) €œParticipating employer€ means an eligible or optional employer that provides a payroll deposit retirement savings arrangement provided for by this chapter for eligible employees. (6) €œPayroll deposit retirement savings arrangement€ means an arrangement by which an employer allows employees to remit payroll deduction contributions to the RISavers retirement savings program. (7) €œRISavers retirement savings program€ or €œprogram€ means a retirement savings program offered by the Rhode Island secure choice retirement savings program. (8) €œState investment commission€ or €œcommission€ means the state investment commission established pursuant to the provisions of § 35-10-1.