Bill > SF4797

This bill modifies provisions of the Minnesota Secure Choice retirement program, which is a state-sponsored retirement savings program designed to help individuals, particularly those without employer-sponsored plans, save for retirement. Key changes include defining an "annual report" to detail the program's financial performance, expenses, outcomes, and participation statistics, and expanding the definition of a "covered employee" to include individuals described in a specific section related to direct payment options. The bill also clarifies "enrollment windows" to include a 21-day period for new employees and a 21-day period after an employer becomes covered, and introduces a "waiting period" of 30 days after the start of an enrollment period before contributions begin. It allows for contributions to be made via direct payment if an employee is not employed by a covered employer, and streamlines the process for employers to certify they are not covered employers, while also allowing the executive director to request supporting documentation. The bill grants covered employees the annual right to start contributing, change their contribution rate, opt out, or cease contributions, and clarifies that investment earnings and losses are credited or deducted from individual accounts. It also establishes a default contribution rate and escalation schedule, with contributions starting at 5% and increasing annually up to 8%, and modifies the board of directors' membership and terms, including provisions for renewing terms and quorum requirements. Furthermore, the bill mandates specific notices to covered employees upon enrollment and annually regarding contribution limits, and prohibits program staff and vendors from soliciting employees for unrelated products or services, while ensuring the confidentiality of employee data. Finally, it repeals a section requiring covered employers to distribute program information and adjusts penalty provisions for non-compliance.