summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
For legislation to encourage retirement planning by establishment of a Massachusetts secure choice savings program. Financial Services.
AI Summary
This bill establishes the Massachusetts Secure Choice Savings Program, which is a retirement savings program in the form of an automatic enrollment payroll deduction individual retirement account (IRA). The program is administered by the Massachusetts Secure Choice Savings Board and aims to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. The bill outlines the structure and governance of the program, including the establishment of a fund, investment options, and responsibilities of the board and participating employers. It also includes provisions for penalties and implementation timelines.
Committee Categories
Business and Industry
Sponsors (9)
Paul Donato (D)*,
James Arena-Derosa (D),
Sal DiDomenico (D),
Pat Duffy (D),
Carmine Gentile (D),
Natalie Higgins (D),
Vanna Howard (D),
David Linsky (D),
Lindsay Sabadosa (D),
Last Action
Accompanied a study order, see H5012 (on 08/29/2024)
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/193/H998 |
| BillText | https://malegislature.gov/Bills/193/H998.pdf |
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