MA S574

Bill

Relative to secure choice retirement savings plan

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 relative to secure choice retirement savings plan. Financial Services.

AI Summary

This bill establishes the Secure Choice Retirement Savings Plan, which includes the Secure Choice Individual Retirement Account Program (IRAP) and the Secure Choice Multiple-Employer Retirement Plan (MERP). The IRAP is an automatic enrollment program that allows eligible employees to contribute to individual retirement accounts through payroll deductions, while the MERP is a qualified 401(a) defined contribution plan that permits voluntary participation by employers. The bill creates a Secure Choice Retirement Savings Board to oversee the administration and investment of these retirement savings programs. The bill also outlines employer responsibilities, risk management procedures, and enforcement mechanisms to ensure the effective implementation of the Secure Choice Retirement Savings Plan.

Committee Categories

Business and Industry

Sponsors (30)

Brian Ashe (D), Jennifer Benson (D), Joseph Boncore (D), Michael Brady (D), Mike Connolly (D), Brendan Crighton (D), Julian Cyr (D), Sal DiDomenico (D), Diana Dizoglio (D), Jamie Eldridge (D), Barry Finegold (D), Adam Hinds (D), Dan Hunt (D), Pat Jehlen (D), Mary Keefe (D), John Keenan (D), David LeBoeuf (D), Jack Lewis (D), John Mahoney (D), Joe McGonagle (D), Christina Minicucci (D), Mike Moore (D), Brian Murray (D), Patrick O'Connor (R), Marc Pacheco (D), Angelo Puppolo (D), Becca Rausch (D), Mike Rush (D), Tom Stanley (D), Steve Ultrino (D),

Last Action

Accompanied a study order, see S2543 (on 02/18/2020)

Official Document

https://malegislature.gov/Bills/191/S574

(17 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/S574
Bill	https://malegislature.gov/Bills/191/S574.pdf

Bill	Bill Name	Last Action	Type
H2183	Relative to attorneys at the Department of Children and Families	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
H2196	Relative to certain option B and option C retirees	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
H2197	Relative to ordinary disability retirements	Accompanied a study order, see H4722	Similar To
H2268	Relative to retirement benefits for Thomas Brian Donnelly	Accompanied a study order, see H4722	Similar To
H2316	Relative to the retirement rights of criminal prosecutors	Accompanied a study order, see H4722	Similar To
H2348	Relative to the retirement benefits of certain persons	Accompanied a study order, see H4722	Similar To
H2371	Relative to National Guard benefits	Accompanied a study order, see H4722	Similar To
H2386	Relative to veterans retirement and pensions	Accompanied a study order, see H4722	Similar To
H3153	Relative to the Massachusetts Bay Transportation Authority	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
S1471	Relative to part-time higher education faculty eligibility in the state retirement system	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1543	Resolve establishing a study on alternative retirement benefits of public employees	Accompanied a study order, see S2545	Similar To
S1582	Relative to non-public school service	Accompanied a study order, see S2545	Similar To
S1593	Relative to the retirement options of certain educational personnel	Accompanied a study order, see S2545	Similar To
S2257	Authorizing employees of the city of Fall River the ability to apply with the Fall River Retirement Board to purchase credible service for military service	Signed by the Governor, Chapter 173 of the Acts of 2020	Similar To
S2337	To extend veterans retirement buyback opportunities	Accompanied a study order, see S2545	Similar To
S2451	Relative to creditable service for Lisa Emma, a member of the Massachusetts Teachers' Retirement System	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S2543	Order relative to authorizing the joint committee on Financial Services to make an investigation and study of certain current Senate documents relative to financial services issues	Discharged to the committee on Senate Rules	Replaced by

Bill

Bill Name

Last Action

Type

H2183

Relative to attorneys at the Department of Children and Families

Bill reported favorably by committee and referred to the committee on House Ways and Means

Similar To

H2196

Relative to certain option B and option C retirees

Bill reported favorably by committee and referred to the committee on House Ways and Means

Similar To

H2197

Relative to ordinary disability retirements