Bill > SB0807

This bill establishes the Michigan Secure Retirement Savings Program, a new retirement savings option for private-sector employees in Michigan whose employers do not offer a qualified retirement plan, such as a 401(k). The program, administered by the Secure Retirement Savings Board, will operate as an automatic enrollment payroll deduction Individual Retirement Account (IRA), meaning employees will be automatically enrolled unless they choose to opt out. Employers are required to facilitate payroll deductions for participating employees, and the bill outlines penalties for employers who fail to comply. The program aims to provide a convenient, low-cost, and portable retirement savings solution, with funds held in a trust fund separate from state money, and overseen by the board to ensure fiduciary responsibility to enrollees. The bill also creates a separate administrative fund to cover program expenses and allows for intergovernmental agreements with other states to reduce costs.