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.
Senate Bills 807 and 808 create a mandatory state-run automatic IRA retirement savings program for Michigan private-sector employees whose employers do not offer qualified retirement plans, with employer facilitation, employee opt-out, and state oversight, but no state or employer liability for investment outcomes.
Introduced
by
Referred to the Committee on Labor
Reported without amendment
Referred to the Committee of the Whole
Reported without amendment
1. Amend page 18, line 7, by striking out all of enacting section 1 and inserting:
“Enacting section 1. This amendatory act does not take effect unless House Bill No. 4170 of the 103rd Legislature is enacted into law.”.
The amendment failed 18 to 20 (details)
1. Amend page 18, line 7, by striking out all of enacting section 1 and inserting:
“Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 103rd Legislature are enacted into law:
(a) Senate Bill No. 322.
(b) Senate Bill No. 323.
(c) Senate Bill No. 324.
(d) Seante Bill No. 325.
(e) Senate Bill No. 326.
(f) Senate Bill No. 327.”.
The amendment failed 18 to 20 (details)
1. Amend page 18, line 7, by striking out all of enacting section 1 and inserting:
“Enacting section 1. This act does not take effect unless Senate Bill No. 631 of the 103rd Legislature is enacted into law.”.
The amendment failed 18 to 20 (details)
Passed in the Senate 20 to 18 (details)
Referred to the Committee on Economic Competitiveness
