summary
Introduced
02/18/2021
02/18/2021
In Committee
02/18/2021
02/18/2021
Crossed Over
Passed
Dead
05/23/2022
05/23/2022
Introduced Session
92nd Legislature 2021-2022
Bill Summary
A bill for an act relating to retirement; establishing the Minnesota Secure Choice retirement program; proposing coding for new law as Minnesota Statutes, chapter 187.
AI Summary
This bill establishes the Minnesota Secure Choice retirement program, a public-private partnership that allows privately employed workers to save for retirement. The program consists of two plans: the Secure Choice individual retirement account plan (IRAP) and the Secure Choice multiple employer retirement plan (MERP). The bill sets up the program's administration, including the establishment of a board of directors, investment options, and requirements for eligible employers to participate. The goal of the program is to increase retirement savings and reduce taxpayer costs for social safety net programs.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Author added Schultz (on 02/22/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1258&ssn=0&y=2021 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF1258&version=0&session=ls92&session_year=2021&session_number=0&format=pdf |
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