A bill to create the secure retirement savings program to provide retirement savings options for certain employees; 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.
House Bills 5335 and 5336 create a state-administered retirement savings system by establishing a Secure Retirement Savings Board and implementing an automatic-enrollment IRA program for private-sector workers without employer plans, requiring certain employers to participate and offering a portable, low-cost option contingent on related legislation.
Introduced
by
Referred to the Committee on Government Operations
