summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to encourage retirement planning by establishment of a Massachusetts secure choice savings program. Financial Services.
AI Summary
This bill establishes the Massachusetts Secure Choice Savings Program, a retirement savings program in the form of an automatic enrollment payroll deduction Roth IRA. The program is administered by the Massachusetts Secure Choice Savings Board and is funded through individual retirement accounts of enrollees, with contributions made through automatic payroll deductions. The bill outlines the structure and governance of the program, including the composition and duties of the Board, investment options, and administrative processes. It also establishes penalties for employers who fail to enroll employees in the program. The goal of the bill is to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4976 (on 09/01/2022)
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://malegislature.gov/Bills/192/H1067 |
| Bill | https://malegislature.gov/Bills/192/H1067.pdf |
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