Bill > H570

This bill establishes the Massachusetts Secure Choice Savings Program, an automatic enrollment payroll deduction IRA retirement savings program. The key provisions include: - Creating a Massachusetts Secure Choice Savings Board to administer the program, with members from the State Treasurer's office, Comptroller, and Secretary of the Commonwealth, as well as public representatives. - Establishing a Massachusetts Secure Choice Savings Program Fund, which will hold the individual retirement accounts of enrollees, and a Massachusetts Secure Choice Administrative Fund to cover administrative costs. - Requiring employers with 25 or more employees to automatically enroll their employees in the program, with employees able to opt out or choose a different contribution level. Small employers may but are not required to provide the program. - Allowing the Board to establish various investment options like life-cycle funds, a conservative principal protection fund, and a secure return fund. - Imposing penalties on employers who fail to enroll employees in the program as required. - Stating that the Commonwealth has no liability for the payment of any retirement benefits under the program. The goal of the bill is to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner.

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https://malegislature.gov/Bills/190/H570