Bill > H1103

This bill establishes the Massachusetts Secure Choice Savings Program, which is an automatic enrollment payroll deduction IRA retirement savings program for private-sector employees in the state. The key provisions include: - Creating the Massachusetts Secure Choice Savings Board to administer the program, which will establish investment options, oversee the program's operations, and ensure compliance with relevant laws. - Requiring employers with 25 or more employees and no qualified retirement plan to automatically enroll their employees in the program, with employees able to opt out. Small employers may choose to participate. - Allowing employees to select their contribution level and investment options, with default options if they do not make a selection. - Establishing the Massachusetts Secure Choice Savings Program Fund as a trust to hold the individual retirement accounts, and the Massachusetts Secure Choice Administrative Fund to cover program expenses. - Prohibiting the state from having any liability for the payment of retirement benefits under the program, which will be handled by the investment managers and insurance products procured by the Board. - Imposing penalties on employers who fail to enroll employees in the program as required. The goal of the bill is to encourage and facilitate greater retirement savings for private-sector workers in Massachusetts through a convenient, low-cost, and portable retirement savings program.

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https://malegislature.gov/Bills/191/H1103