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Bill > H4258


SC H4258

SC H4258
SC Work and Save Retirement Savings Plan


summary

Introduced
03/19/2019
In Committee
03/19/2019
Crossed Over
Passed
Dead
09/24/2020

Introduced Session

123rd General Assembly

Bill Summary

Amend The Code Of Laws Of South Carolina, 1976, By Adding Article 4 To Chapter 5, Title 11 So As To Establish The "south Carolina Work And Save Retirement Savings Plan", To Provide Definitions, To Establish The "south Carolina Retirement Savings Plan Trust", To Provide That The State Shall Adopt And Implement The Palmetto Work And Save Plan, To Provide Duties Of The State Treasurer, To Provide For Certain Exemptions From Liability, To Provide That Certain Guarantees May Not Be Made, To Provide For Confidentiality Of Certain Information, To Provide For An Intergovernmental Agreement Or A Memorandum Of Understanding With Certain Agencies, To Provide That The State Treasurer May Use Program Managers, To Establish The "south Carolina Work And Save Administrative Fund", To Provide That The State Treasurer Shall Maintain An Accurate Account Of Certain Activity, And To Provide For Severability.

AI Summary

This bill establishes the "South Carolina Work and Save Retirement Savings Plan", a voluntary multiple employer 401(k) retirement savings plan for eligible employees and self-employed individuals in South Carolina. The State Treasurer is responsible for adopting and implementing the plan, which must automatically enroll eligible employees who do not opt out, allow voluntary employee and employer contributions, and be professionally managed with low fees. The bill also creates the "South Carolina Retirement Savings Plan Trust" to hold the plan's assets, and the "South Carolina Work and Save Administrative Fund" to cover the plan's expenses. The bill outlines the Treasurer's duties, liability protections, and reporting requirements for the plan.

Committee Categories

Budget and Finance

Sponsors (27)

Last Action

Member(s) request name added as sponsor: Clary, Clyburn, Hosey, Allison, Burns, Simrill, Bernstein (on 02/18/2020)

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