Bill > S602

This bill establishes the Massachusetts Secure Choice retirement program and expands the Massachusetts CORE plan to all employers. The key provisions are: - Creates the Massachusetts Secure Choice Board to design, develop, and implement the Secure Choice program, which allows eligible individuals in the state to voluntarily contribute to a Roth IRA through automatic payroll deductions. - Requires covered employers to either offer their own retirement plan, enroll in the CORE plan, or automatically enroll employees in the Secure Choice program unless the employee opts out. - Sets parameters for the Secure Choice program, including a default 6% contribution rate, ability to adjust contribution rates, and limitations on total fees and expenses. - Imposes penalties on covered employers that fail to enroll eligible employees in the Secure Choice program. - Establishes the Massachusetts Secure Choice Administrative Fund to pay for the program's administrative costs, which can be funded through various sources including grants, fees, and state appropriations. Overall, this bill aims to increase access to retirement savings plans, especially for employees of small and medium-sized businesses, by establishing a state-facilitated retirement program and expanding an existing plan to all employers.

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https://malegislature.gov/Bills/191/S602