A bill to create the secure retirement savings program to provide retirement savings options for certain employees; to create the secure retirement savings board and prescribe its powers and duties; to provide for the powers and duties of certain governmental officers and entities; to require participation in the program by certain employers; to create the secure retirement savings program fund as a trust fund outside the state treasury consisting of employee retirement accounts; to establish the Michigan secure retirement administrative fund to pay program administrative expenses; to provide for civil fines; and to require the promulgation of rules.
The Michigan Secure Retirement Savings Program mandates certain employers to facilitate automatic payroll deduction IRAs for employees, establishes administrative and program funds, and outlines the responsibilities of the Secure Retirement Savings Board, including compliance, reporting, and potential penalties for non-compliance.
Co-sponsored by Reps.
Referred to the Committee on Labor
Reported with substitute H-1
