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Bill > H1138


MA H1138

Relative to secure choice retirement savings plan


summary

Introduced
03/29/2021
In Committee
03/29/2021
Crossed Over
Passed
Dead
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)

Last Action

Accompanied a study order, see H4976 (on 09/01/2022)

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