Bill > SF636

This bill establishes the Minnesota Secure Choice Retirement Program, a public-private partnership to help privately employed workers save for retirement. The key provisions include: 1) Creating a Secure Choice Multiple Employer Retirement Plan (MERP) and a Secure Choice Individual Retirement Account Plan (IRAP) that eligible employers can participate in to offer retirement savings plans to their employees. 2) Requiring eligible employers that do not offer their own retirement plan to automatically enroll employees in the IRAP. 3) Establishing a Secure Choice Retirement Savings Board to administer the program, including appointing an executive director, setting investment options, and publishing annual reports. 4) Outlining fiduciary duties for the Board, State Board of Investment, and program staff, and stating that the state has no liability for program benefits or investment performance. The goal is to increase retirement savings for Minnesotans, particularly those without access to workplace retirement plans, in order to reduce reliance on social safety net programs in retirement.