Bill > SF2985

This bill makes administrative and technical changes to the Minnesota Secure Choice Retirement Program, which is a state-sponsored retirement savings program for private sector workers without access to employer-sponsored retirement plans. The bill requires the commissioner of employment and economic development to disclose employer information to the program's executive director upon request, including business details and contact information. It clarifies the definition of "covered employee" by specifically excluding temporary or seasonal workers lasting less than 180 days, though these workers can still opt to participate. The bill modifies contribution rates, establishing a gradual escalation from 5% to 8% over four years of participation, and allows employees to change or stop contributions annually. The legislation also adjusts employer enrollment requirements, mandating that employers enroll covered employees within 30 days of their first day of work and provide program information to employees. Additionally, the bill updates board membership terms, defines the role and responsibilities of the executive director, and requires the executive director to file economic interest statements. The changes aim to improve the administration, transparency, and effectiveness of the Secure Choice Retirement Program, with all sections becoming effective the day after final enactment.

Government Affairs, Justice

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2985&ssn=0&y=2025