Bill > H924

This bill establishes the Secure Choice Retirement Savings Plan, a program designed to help eligible employees in Massachusetts save for retirement through payroll deductions. The plan will be overseen by a Secure Choice Retirement Savings Board, which will include the State Treasurer and other appointed members with expertise in finance and employee representation. Eligible employers, defined as businesses with ten or more employees (with some exceptions for state employees like Personal Care Attendants), will have options to meet their retirement savings obligations, including establishing their own retirement plans or participating in the Secure Choice program. The Secure Choice program itself will offer two trust funds: a Multiple-Employer Retirement Plan (MERP) and an Individual Retirement Account Plan (IRAP). Employers are not liable for employee decisions regarding participation, and the plan funds are not guaranteed by the Commonwealth. The bill also outlines the responsibilities of the Board, including establishing contribution levels, managing investments, and ensuring compliance with federal laws like ERISA (Employee Retirement Income Security Act of 1974), which governs retirement plans. Employers will be required to offer a payroll deposit retirement savings arrangement to their eligible employees, with phased-in implementation based on employer size, and employees will be automatically enrolled unless they opt out. The bill also specifies penalties for employers who fail to comply with these requirements.