Bill > HB631

This bill establishes the Mississippi Work and Save Program, a state-sponsored retirement savings initiative designed to help individuals, particularly those whose employers do not offer retirement plans, save for their future. The program will be managed by the State Treasurer, who is tasked with its design, development, and implementation. It allows eligible employees, referred to as "covered employees," to contribute to a Roth Individual Retirement Account (IRA) through payroll deductions, with the default option being a Roth IRA invested in a target-date fund with a specified contribution percentage, though participants can opt for a traditional IRA or adjust their contributions and investments. The bill also provides protections from liability for employers participating in the program and for the state itself, ensuring that neither is responsible for investment decisions or outcomes. Furthermore, it mandates the confidentiality of participant and account information and creates a dedicated "Mississippi Work and Save Administrative Fund" to cover the program's operational costs. The program is intended to be cost-effective, promote financial literacy, and ensure portability of benefits, with a goal of minimizing fees and maximizing savings for participants.

Government Affairs

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0631.xml