Bill > H899

This bill establishes the Massachusetts Voluntary Retirement Accounts Program, a state-administered initiative designed to help workers, particularly those without access to employer-sponsored retirement plans, save for their future. The program aims to simplify retirement savings for both employees and small to medium-sized businesses, which often find offering such plans complex and costly. The program will be overseen by a director and will offer a two-tier system, potentially including a SIMPLE IRA-type plan and individual retirement accounts (IRAs) that are tax-qualified. The Pension Reserves Investment Management (PRIM) Board will be responsible for providing investment options, including a plan for those who prefer not to manage their own investments, and all investment and operating costs will be covered by fees on enrollees' accounts, not public retirement system funds. Enrollment is voluntary and not guaranteed, with provisions for freezing new enrollments if expenditures exceed available funds, and the director will report biennially on the program's effectiveness.