Bill > H1138

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.

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https://malegislature.gov/Bills/192/H1138