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
