Bill > HF4921

This bill modifies provisions of the Minnesota Secure Choice retirement program, a state-sponsored retirement savings program designed to help individuals save for retirement, particularly those without access to employer-sponsored plans. Key changes include defining an "annual report" to include financial performance, program expenses, outcomes, savings goal progress, participation statistics, and the program's impact on social safety net programs, as well as clarifying that "covered employees" can include individuals not directly employed by a "covered employer" (an employer required to participate in the program). The bill also adjusts enrollment periods, introducing a "waiting period" before contributions begin, and allows for direct payments to the program if an individual is not employed by a covered employer. It clarifies employer responsibilities for certifying non-coverage and outlines procedures for appealing such determinations, while also granting covered employees more flexibility to start, change, or cease contributions annually. The bill also refines the duties of the program's board of directors, including their reporting requirements and the composition and terms of board members, and mandates that the commissioner of administration assist in securing office space for program staff. Finally, it establishes new requirements for notices to covered employees about the program, their contribution rights, and tax implications, and introduces provisions for data confidentiality and a restriction against soliciting program participants for unrelated products or services.