Bill > SB0807

This bill establishes the "Retirement Savings Program Act" in Michigan, creating the Michigan Secure Retirement Savings Program, an automatic enrollment payroll deduction Individual Retirement Account (IRA) program designed to help private-sector employees save for retirement. The program will be administered by the Secure Retirement Savings Board and overseen by the Department of Treasury, with funds held in a trust fund separate from the state treasury. Employers who have been in business for at least two years and have not offered a qualified retirement plan (such as a 401(k) or pension) to their employees will be required to participate by allowing payroll deductions for their employees to be contributed to the program, though employers can opt to offer their own qualified retirement plans instead. Employees will be automatically enrolled but can choose to opt out or adjust their contribution levels, with the board setting default contribution rates that can automatically increase annually up to a maximum of 15% of wages. The bill also outlines provisions for the program's administration, investment policies, reporting requirements, and penalties for employers who fail to comply, emphasizing that the state is not liable for any retirement benefits accrued by enrollees.

Labor and Employment

https://legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-0807