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Bill > H1075

MA H1075

To establish the Massachusetts secure choice retirement program and expand the Massachusetts CORE plan to all employers

summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation to establish the Massachusetts secure choice retirement program and expand the Massachusetts CORE plan to all employers. Financial Services.

AI Summary

This bill establishes the Massachusetts Secure Choice retirement program and expands the Massachusetts CORE plan to all employers. The key provisions are: 1) Establishes the Massachusetts Secure Choice Board to design, develop, and implement the Secure Choice program, which will allow eligible individuals to voluntarily contribute to Roth IRAs through automatic enrollment with the option to opt-out. 2) Requires covered employers to either offer their own retirement plan, participate in the CORE plan, or automatically enroll employees in the Secure Choice program, with penalties for noncompliance. 3) Provides details on the structure and operation of the Secure Choice program, including contribution rates, investment options, and administrative requirements. 4) Protects employers and the state from liability related to the program, and establishes the Massachusetts Secure Choice Administrative Fund to cover program costs. 5) Requires audits and annual reporting on the program's activities and finances. The bill aims to expand access to retirement savings options, especially for workers whose employers do not currently offer a retirement plan.

Committee Categories

Business and Industry

Sponsors (49)

Jim Arciero (D),  Bruce Ayers (D),  David Biele (D),  Natalie Blais (D),  Pete Capano (D),  Mike Connolly (D),  Julian Cyr (D),  Marjorie Decker (D),  Mindy Domb (D),  Jamie Eldridge (D),  Bill Galvin (D),  Sean Garballey (D),  Denise Garlick (D),  Carmine Gentile (D),  Anne Gobi (D),  Thomas Golden (D),  Carlos González (D),  Tami Gouveia (D),  Stephen Hay (D),  Natalie Higgins (D),  Bradford Hill (R),  Kate Hogan (D),  Steven Howitt (R),  Dan Hunt (D),  Pat Jehlen (D),  Louis Kafka (D),  Kay Khan (D),  David LeBoeuf (D),  Jack Lewis (D),  Jason Lewis (D),  Elizabeth Malia (D),  Paul Mark (D),  Paul McMurtry (D),  Christina Minicucci (D),  Rady Mom (D),  Brian Murray (D),  Harold Naughton (D),  Tram Nguyen (D),  Elizabeth Poirier (R),  Denise Provost (D),  Angelo Puppolo (D),  Dave Rogers (D),  John Rogers (D),  Danny Ryan (D),  Tom Stanley (D),  Bruce Tarr (R),  José Tosado (D),  Steve Ultrino (D),  Tommy Vitolo (D), 

Last Action

Accompanied a study order, see H5160 (on 12/01/2020)
(3 Companion Bills)

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Document Type Source Location
State Bill Page https://malegislature.gov/Bills/191/H1075
Bill https://malegislature.gov/Bills/191/H1075.pdf
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