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 establish secure choice retirement savings plans. Financial Services.
AI Summary
This bill establishes the Secure Choice Retirement Savings Plan, which consists of two programs: the Secure Choice Individual Retirement Account Program (IRAP) and the Secure Choice Multiple-Employer Retirement Account Program (MERP). The IRAP is a payroll deduction IRA program that automatically enrolls eligible employees of private-sector employers, allowing them to contribute to individual retirement accounts. The MERP is a qualified defined contribution plan that allows voluntary participation by eligible employers. The bill creates a Secure Choice Retirement Savings Board to oversee and administer the programs, and outlines their responsibilities, investment policies, and participant protections. The bill provides for a phased implementation of the employer mandate, with larger employers required to participate earlier than smaller ones. The programs are exempt from state securities laws and taxes.
Committee Categories
Business and Industry
Sponsors (5)
Meghan Kilcoyne (D)*,
Sal DiDomenico (D),
Diana Dizoglio (D),
Jamie Eldridge (D),
Elizabeth Malia (D),
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/H1138 |
Bill | https://malegislature.gov/Bills/192/H1138.pdf |
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