Bill > SB2885

This bill establishes the Mississippi Work and Save Program, a state-sponsored retirement savings program designed to help individuals save for retirement through individual retirement accounts (IRAs), specifically Roth IRAs, which offer tax-free growth and withdrawals in retirement. The program is intended for employers who do not currently offer a retirement plan to their employees, allowing them to voluntarily offer a payroll deduction IRA option. The State Treasurer is tasked with designing, developing, and implementing the program, including managing investments, providing educational materials, and ensuring compliance with federal tax laws, while also being protected from liability for employer and state actions related to the program. Employers participating in the program are shielded from liability for employee decisions or investment performance, and the program itself is funded through a dedicated administrative fund, with provisions for audits and annual reports to ensure transparency and accountability. The program aims to be cost-effective, with a cap on total fees and expenses, and includes provisions for portability of benefits and options for distribution in retirement.

Budget and Finance, Government Affairs

https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2885.xml