Bill > HF472

This bill establishes the Minnesota Secure Choice Retirement Program, a public-private partnership model for privately employed workers to save for retirement. The bill creates two plans: the Secure Choice Individual Retirement Account Plan (IRAP) and the Secure Choice Multiple Employer Retirement Plan (MERP). Eligible employers that do not offer a retirement savings plan must automatically enroll their eligible employees in the IRAP, while the MERP is a voluntary multiple employer plan. The bill outlines the responsibilities of employers, the composition and duties of the Secure Choice Retirement Savings Board, and the fiduciary duties for the plans. The state has no liability for the program's benefits or investment performance.