(a) There is hereby established a retirement savings program known as the Rhode Island secure choice retirement savings program to be administered by the office of the general treasurer for the purpose of promoting greater retirement savings for Rhode Island private sector employees in a convenient, voluntary, low-cost, and portable manner.
(b) The secure choice retirement savings program is a plan in which retirement savings are accumulated in individual accounts for the exclusive benefit of the participants or their beneficiaries. The program shall be functionally implemented upon receipt of funds pursuant to the provisions of this chapter.