Bill > H4204

This bill establishes a special commission to study the feasibility of a state-run voluntary retirement savings option, often referred to as "Secure Choice," aimed at encouraging private employees to save for retirement. The commission will be co-chaired by the Speaker of the House and the President of the Senate, and will include other state officials like the secretary of administration and finance and the treasurer, along with representatives from the financial planning industry, legislative minority leaders, and private citizens with relevant expertise. Its key tasks include analyzing existing retirement plans for private employees, estimating the costs and funding for potential state-sponsored retirement trusts, such as a Secure Choice Multiple-Employer Retirement Trust (MERP) or an Individual Retirement Account Trust (IRAP) that accepts payroll deductions, and evaluating the impact of automatic enrollment IRAs for private sector individuals. The commission will also assess potential effects on private companies offering similar services, recommend administration and oversight strategies, analyze potential liabilities under ERISA (Employee Retirement Income Security Act, a federal law governing employee benefit plans), and propose investment management best practices, with a report of its findings due by April 1st, 2017.