Bill > H1070

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 eligible employers must automatically enroll their eligible employees in, unless the employer offers a qualified retirement plan or payroll deduction IRA. The MERP is a qualified 401(a) profit-sharing plan that allows voluntary participation of employers with employees in the Commonwealth. The bill creates a Secure Choice Retirement Savings Board to develop and administer these programs, and outlines the Board's responsibilities, including setting investment policies, contribution levels, and administrative fees. The bill also includes provisions related to employee information, liability, enforcement, and tax exemption.

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https://malegislature.gov/Bills/193/H1070