Bill > S624

This bill establishes the Massachusetts Secure Choice Savings Program, a retirement savings program in the form of an automatic enrollment payroll deduction IRA. The program is designed to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. The bill creates the Massachusetts Secure Choice Savings Board to administer the program, which will include individual retirement accounts for enrollees. The Board is responsible for establishing investment options, appointing a trustee, and overseeing the program's operations. Employers with 5 or more employees who have not offered a qualified retirement plan in the past 2 years are required to provide a payroll deposit retirement savings arrangement to allow their employees to participate in the program, unless the employer offers an alternative retirement plan. Employees will be automatically enrolled but can opt out or choose a different contribution rate or investment option. The bill also establishes penalties for employers who fail to enroll employees in the program.

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https://malegislature.gov/Bills/193/S624