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Bill > H1076


MA H1076

Relative to secure choice retirement savings plan


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 secure choice retirement savings plans. Financial Services.

AI Summary

This bill establishes the Secure Choice Retirement Savings Plan, which includes two programs: the Secure Choice Individual Retirement Account Program (IRAP) and the Secure Choice Multiple-Employer Retirement Account Program (MERP). The IRAP is a payroll deduction IRA program that automatically enrolls eligible employees, while the MERP is a qualified 401(a) profit-sharing plan that allows voluntary participation by eligible employers. The bill creates a Secure Choice Retirement Savings Board to develop and administer these programs, which are designed to provide retirement savings options for employees whose employers do not offer a qualified plan or payroll deduction IRA. The bill also outlines provisions related to investment, risk management, benefits, disclosure requirements, and enforcement.

Committee Categories

Business and Industry

Sponsors (50)

Jennifer Benson (D),  David Biele (D),  Michael Brady (D),  Paul Brodeur (D),  Pete Capano (D),  Mike Connolly (D),  Brendan Crighton (D),  Daniel Cullinane (D),  Marjorie Decker (D),  Diana Dizoglio (D),  Mindy Domb (D),  Dan Donahue (D),  William Driscoll (D),  Michelle DuBois (D),  Jamie Eldridge (D),  Sean Garballey (D),  Denise Garlick (D),  Carmine Gentile (D),  Thomas Golden (D),  Carlos González (D),  Natalie Higgins (D),  Dan Hunt (D),  Pat Jehlen (D),  Mary Keefe (D),  David LeBoeuf (D),  Jack Lewis (D),  Jay Livingstone (D),  Adrian Madaro (D),  Elizabeth Malia (D),  Paul Mark (D),  Joe McGonagle (D),  Christina Minicucci (D),  Frank Moran (D),  Brian Murray (D),  Harold Naughton (D),  Tram Nguyen (D),  Jim O'Day (D),  Marc Pacheco (D),  Denise Provost (D),  Angelo Puppolo (D),  Becca Rausch (D),  Maria Robinson (D),  Dave Rogers (D),  Mike Rush (D),  Alan Silvia (D),  Tom Stanley (D),  José Tosado (D),  Steve Ultrino (D),  John Velis (D),  Tommy Vitolo (D), 

Last Action

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

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