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H 1226

An Act relative to secure choice retirement savings plan

194th Legislature (2025-2026) Introduced by Mike Brady and 2 co-sponsors

H 1226 - An Act relative to secure choice retirement savings plan OverviewBill Number: H 1226 Title: An Act relative to secure choice retirement savings planStatus: Hearing resche

Bill reported favorably by committee and referred to the committee on House Ways and Means
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Bill Summary · H 1226

H 1226 - An Act relative to secure choice retirement savings plan

Overview

Bill Number: H 1226
Title: An Act relative to secure choice retirement savings plan
Status: Hearing rescheduled to 10/30/2025 from 10:30 AM-02:00 PM in A-2. Hearing updated to New End Time.
Introduced: February 27, 2025

Purpose and Intent

The primary goal of this bill is to establish a state-facilitated retirement savings program, known as the "Secure Choice Retirement Savings Plan," to provide private sector employees in the state with access to a simple, low-cost, portable retirement savings vehicle. The intent is to address the growing retirement savings gap and ensure more workers have the opportunity to save for their future.

Key Provisions

  • Creates the Secure Choice Retirement Savings Plan, a state-facilitated payroll deduction IRA program
  • Requires private sector employers with 5 or more employees who do not offer a qualified retirement plan to automatically enroll their employees in the Secure Choice plan, with an option for employees to opt-out
  • Sets the default employee contribution rate at 5% of wages, with the ability for employees to adjust their contribution level
  • Establishes a Secure Choice Retirement Savings Board to oversee the plan's implementation and management
  • Directs the Board to select private sector providers to manage the plan's investments and operations
  • Provides tax credits to employers to offset startup and administrative costs of participating in the program

Affected Parties and Impacts

  • Private sector employees in the state who do not have access to an employer-sponsored retirement plan will be automatically enrolled in the Secure Choice plan, unless they choose to opt-out
  • Small and medium-sized private employers without a qualified retirement plan will be required to facilitate employee enrollment and remit contributions to the Secure Choice plan
  • The state government will oversee the Secure Choice program through the newly created Retirement Savings Board, and provide tax incentives to participating employers

Procedural and Timeline Considerations

The bill is currently scheduled for a public hearing on October 30, 2025 from 10:30 AM to 2:00 PM in committee room A-2. The hearing time has been updated to a new end time. Following the hearing, the committee will consider the bill and potentially move it forward in the legislative process. If enacted, the Secure Choice Retirement Savings Plan would need to be implemented and operational within 12-18 months of the bill's effective date.

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

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