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, a retirement savings program in the form of an automatic enrollment payroll deduction IRA. The program will be administered by the Massachusetts Secure Choice Savings Board and funded through contributions from participating employees and employers. The bill outlines the structure and governance of the program, including the establishment of investment options, the duties and responsibilities of the board, and provisions for enrollment and participation. The bill also includes penalties for employers who fail to enroll employees in the program and requires the Department of Revenue to adopt rules and regulations to implement the program.
Committee Categories
Business and Industry
Sponsors (12)
Paul Donato (D)*,
Tackey Chan (D),
Josh Cutler (D),
Sal DiDomenico (D),
Rodney Elliott (D),
Russell Holmes (D),
Kristin Kassner (D),
David LeBoeuf (D),
David Linsky (D),
Sam Montaño (D),
Brian Murray (D),
Dave Robertson (D),
Last Action
Accompanied a study order, see H4705 (on 06/03/2024)
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/H996 |
| BillText | https://malegislature.gov/Bills/193/H996.pdf |
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