Bill > HB915

This bill establishes the Mississippi Work and Save Program, a state-sponsored retirement savings initiative designed to help employees of businesses that do not currently offer retirement plans save for retirement through individual retirement accounts (IRAs). The program will be administered by a nine-member board within the State Treasurer's office and will allow eligible employees to voluntarily contribute to a Roth IRA through payroll deductions, with a standard contribution rate of 5% that can be adjusted by the employee. The program features automatic enrollment with an opt-out option, professionally managed investments (primarily target date funds), and a commitment to keeping total fees below 0.75% of total program assets. Importantly, employers will not be required to contribute to the accounts, and they will have limited liability for the program. The board will be responsible for designing the program, managing investments, providing educational resources, and ensuring compliance with federal tax laws. The program aims to provide a simple, low-cost retirement savings option for workers whose employers do not offer existing retirement plans, with the first contributions expected to be accepted no later than two years after the act's effective date. The program will be implemented in a way that avoids potential conflicts with federal employee retirement law (ERISA) and will be funded through administrative fees, potential state appropriations, and other sources.

Government Affairs

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0915.xml