Bill > SB2861

This bill creates the Mississippi Work and Save Program, a state-sponsored retirement savings program designed to help employees of businesses that do not currently offer retirement plans. The program will allow eligible employees to voluntarily contribute to a Roth Individual Retirement Account (IRA) through automatic payroll deductions, with a standard contribution rate of 5% that can be adjusted by the participant. The State Treasurer will be responsible for designing and implementing the program, which will provide a target date fund investment option and ensure low administrative fees (not exceeding 0.75% of total assets after an initial three-year startup period). Key features include automatic enrollment with an opt-out option, no employer contributions, annual account reporting, and provisions to protect both employers and the state from liability. The program aims to make retirement savings more accessible to workers who lack access to employer-sponsored retirement plans, with safeguards to ensure participant financial security and minimal administrative burden on businesses. The program is set to begin no later than two years after the act's effective date, with a potential phased implementation for different types of workers.

Budget and Finance, Business and Industry

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2861.xml