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SD 1433

An Act expanding access to retirement savings

194th Legislature (2025-2026) Introduced by Joan Lovely

Massachusetts bill expanding retirement savings access for workers, likely through auto-enrollment or portable accounts for those lacking employer-sponsored plans.

House concurred
0
WeVote Research Nonpartisan
Bill Summary · SD 1433

Legislative bill overview

SD 1433 is a Massachusetts bill designed to expand access to retirement savings opportunities, likely through mechanisms such as auto-enrollment programs, portable retirement accounts, or coverage extensions to workers not currently offered employer-sponsored plans. The bill was introduced by Senator Joan Lovely and has been referred to the Public Service committee for consideration.

Why is this important

Many Massachusetts workers, particularly those in small businesses or gig economy positions, lack access to employer-sponsored retirement plans, leaving them underprepared for retirement. Expanding retirement savings access could increase financial security for workers and reduce future dependence on public assistance programs. This aligns with growing state-level efforts nationwide to address retirement security gaps.

Potential points of contention

  • Business compliance costs: Small employers may face administrative burdens and expenses implementing new retirement savings requirements or programs
  • Government involvement scope: Questions about whether the state should create or manage retirement accounts versus incentivizing private-sector solutions
  • Portability and security concerns: Debates over how portable accounts would be structured, protected, and whether workers maintain control over their contributions

Compiled from official sources — confirm details with the bill’s official record.

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