MA S653

Bill

Relative to secure choice retirement savings plan

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 relative to secure choice retirement savings plan. Financial Services.

AI Summary

This bill establishes the Secure Choice Retirement Savings Plan, which includes the Secure Choice Individual Retirement Account Program (IRAP) and the Secure Choice Multiple-Employer Retirement Plan (MERP). The IRAP is a state-administered program that automatically enrolls eligible private-sector employees in a payroll deduction retirement savings account, unless the employer offers a qualified retirement plan or payroll deduction IRA. The MERP is a state-sponsored 401(a) defined contribution plan that allows voluntary participation by employers. The bill outlines the responsibilities of the Secure Choice Retirement Savings Board in developing and administering these programs, including establishing investment policies, setting contribution levels, and allocating administrative fees. The bill also addresses employer liability, enforcement, and tax treatment of the programs.

Committee Categories

Business and Industry

Sponsors (2)

Sal DiDomenico (D)*, Maria Robinson (D),

Last Action

Accompanied a study order, see S2699 (on 02/17/2022)

Official Document

https://malegislature.gov/Bills/192/S653

(9 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/S653
Bill	https://malegislature.gov/Bills/192/S653.pdf

Bill	Bill Name	Last Action	Type
H1138	Relative to secure choice retirement savings plan	Accompanied a study order, see H4976	Similar To
H4007	Relative to post-retirement employment of public retirees	Chapter 67 of the Acts of 2021	Similar To
H4048	Message from His Excellency the Governor returning with his objections thereto in writing the engrossed Bill relative to post-retirement employment of public retirees (see House, No. 4007). August 3, 2021	See H4007	Similar To
S1696	Relative to retirement for nuclear reactor operators	Accompanied H2682	Similar To
S1721	Relative to the teachers retirement system	Accompanied H19	Similar To
S1736	Relative to surplus in retirement systems	Accompanied a study order, see S2679	Similar To
S1751	Granting a certain classification and early retirement creditable service to trial court chief probation officers	Accompanied a study order, see S2679	Similar To
S2539	Authorizing the county of Plymouth to issue pension obligation bonds or notes	Bill reported favorably by committee and referred to the committee on Senate Rules	Similar To
S2699	Order relative to authorizing the joint committee on Financial Services to make an investigation and study of certain current Senate documents relative to banking issues	Discharged to the committee on Senate Rules	Replaced by

Bill > S653

MA S653

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary