summary
Introduced
01/10/2025
01/10/2025
In Committee
01/10/2025
01/10/2025
Crossed Over
Passed
Dead
02/04/2025
02/04/2025
Introduced Session
2025 Regular Session
Bill Summary
An Act To Establish The Mississippi Secure Choice Savings Program, Which Is A Retirement Savings Program Sponsored By The State Of Mississippi For Certain Employers Who Do Not Already Offer A Retirement Plan, In The Form Of An Automatic Enrollment Payroll Deduction Individual Retirement Account (ira), For The Purpose Of Promoting Greater Retirement Savings For Private-sector Employees In A Convenient, Low-cost And Portable Manner; To Create The Mississippi Secure Choice Savings Program Fund, Which Will Consist Of Monies Received From Enrollees And Participating Employers Through Automatic Payroll Deductions; To Create The Mississippi Secure Choice Administrative Fund To Pay For The Administrative Expenses Of The Board; To Create The Mississippi Secure Choice Savings Board, Provide For The Membership Of The Board And Prescribe The Duties Of The Board; To Require The Board To Engage Investment Managers To Invest The Program Fund; To Require The Board To Establish Investment Options For Enrollees; To Require The Board To Design And Provide To All Employers An Employer Information Packet And An Employee Information Packet; To Provide That The Program Will Be Implemented And Enrollment Of Employees Will Begin In 2027, And Require That All Employees Be Enrolled After December 31, 2029; To Provide That The State Has No Duty Or Liability To Any Party For The Payment Of Any Retirement Savings Benefits Accrued By Any Individual Under The Program; To Require Annual Reports By The Board And Audits Of The Program; To Provide For Penalties On Employers Who Fail To Comply With The Requirements Of This Act; To Provide That The Department Of Revenue Will Enforce The Collections Of The Penalties; To Authorize The Board To Adopt Any Rules As Necessary To Implement This Act; And For Related Purposes.
AI Summary
This bill establishes the Mississippi Secure Choice Savings Program, a state-sponsored retirement savings program designed for private-sector employees whose employers do not currently offer a retirement plan. The program will automatically enroll eligible employees in a Roth Individual Retirement Account (IRA) with a default contribution rate between 3% and 6% of their wages, unless they choose to opt out or select a different contribution level. The program will be implemented in 2027 and require all employees to be enrolled by December 31, 2029, targeting businesses with at least 25 employees that have not offered a retirement plan in the past two years. A five-member board, including the State Treasurer and appointed representatives, will manage the program and establish investment options such as a life-cycle fund (default option), a conservative principal protection fund, a growth fund, and potentially a secure return fund. Participating employers will be required to facilitate payroll deductions for the program, with small penalties for non-compliance, but will have no liability for employees' investment decisions. The state explicitly disclaims any financial responsibility for the retirement benefits, and the program is designed to be self-funded through investment earnings and administrative fees, which will be capped at 0.75% of the total trust balance. The bill aims to provide a convenient, low-cost, and portable retirement savings option for private-sector workers who currently lack access to employer-sponsored retirement plans.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Died In Committee (on 02/04/2025)
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://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0345.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2025/html/HB/0300-0399/HB0345IN.htm |
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