Bill > HB0250

This bill establishes a retirement plan exchange for private employers in Utah, creating an online portal managed by the state treasurer's office where eligible employers can review, compare, and select qualified retirement plans for their employees. The exchange will feature "automatic-enrollment individual retirement account arrangements" and "automatic-enrollment 401(k) plans," which are retirement plans that automatically enroll employees unless they opt out, and are designed to be portable and fully vested. The bill defines key terms like "eligible employer" (any non-governmental entity with employees in Utah) and "eligible employee" (anyone working for an eligible employer who receives a W-2). Plan providers must meet certain criteria to be listed on the exchange, and the state treasurer's office will provide educational resources and promote the exchange, particularly to small businesses. The bill also outlines reporting requirements for participating plan providers and specifies that reports submitted to the state treasurer's office regarding the exchange will be considered protected records, meaning they are not publicly accessible. The exchange is mandated to be established and operational by January 1, 2027.

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https://le.utah.gov/~2026/bills/static/HB0250.html