summary
Introduced
02/15/2021
02/15/2021
In Committee
02/15/2021
02/15/2021
Crossed Over
Passed
Dead
05/23/2022
05/23/2022
Introduced Session
92nd Legislature 2021-2022
Bill Summary
A bill for an act relating to retirement; establishing the Minnesota Secure Choice retirement program; proposing coding for new law as Minnesota Statutes, chapter 187.
AI Summary
This bill establishes the Minnesota Secure Choice Retirement Program, a public-private partnership model for privately employed workers to save for retirement. The program consists of two components: the Secure Choice Individual Retirement Account Plan (IRAP) and the Secure Choice Multiple Employer Retirement Plan (MERP). The bill outlines the purpose, definitions, and responsibilities of the Secure Choice Retirement Savings Board of Directors in administering the program. It also establishes requirements for eligible employers to offer retirement savings options to their employees through the program. The bill aims to increase retirement savings and reduce reliance on government assistance programs like Medicaid.
Committee Categories
Government Affairs
Sponsors (3)
Last Action
Referred to State Government Finance and Policy and Elections (on 02/15/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0976&ssn=0&y=2021 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=SF976&version=0&session=ls92&session_year=2021&session_number=0&format=pdf |
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