HB599 - Mississippi Secure Choice Savings Program; establish.
Orlando Paden
Last updated 7 months ago
1 Co-Sponsor
An Act To Establish The Mississippi Secure Choice Savings Program, Which Is A Retirement Savings Program Sponsored By The State Of Mississippi For Certain Employers Who Do Not Already Offer A Retirement Plan, In The Form Of An Automatic Enrollment Payroll Deduction Individual Retirement Account (ira), For The Purpose Of Promoting Greater Retirement Savings For Private-sector Employees In A Convenient, Low-cost And Portable Manner; To Create The Mississippi Secure Choice Savings Program Fund, Which Will Consist Of Monies Received From Enrollees And Participating Employers Through Automatic Payroll Deductions; To Create The Mississippi Secure Choice Administrative Fund To Pay For The Administrative Expenses Of The Board; To Create The Mississippi Secure Choice Savings Board, Provide For The Membership Of The Board And Prescribe The Duties Of The Board; To Require The Board To Engage Investment Managers To Invest The Program Fund; To Require The Board To Establish Investment Options For Enrollees; To Require The Board To Design And Provide To All Employers An Employer Information Packet And An Employee Information Packet; To Provide That The Program Will Be Implemented And Enrollment Of Employees Will Begin In 2026, And Require That All Employees Be Enrolled After December 31, 2028; To Provide That The State Has No Duty Or Liability To Any Party For The Payment Of Any Retirement Savings Benefits Accrued By Any Individual Under The Program; To Require Annual Reports By The Board And Audits Of The Program; To Provide For Penalties On Employers Who Fail To Comply With The Requirements Of This Act; To Provide That The Department Of Revenue Will Enforce The Collections Of The Penalties; To Authorize The Board To Adopt Any Rules As Necessary To Implement This Act; And For Related Purposes.
STATUS
Failed