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Bill

SB 808

Retirement: other; MI secure retirement program board; establish. Creates new act. TIE BAR WITH: SB 0807'26

2025-2026 Regular Session Introduced by Mary Cavanagh and 1 co-sponsor

Michigan establishes state retirement program board to create portable retirement savings plan for workers lacking employer pension access, expanding retirement security options statewide.

referred to Committee on Economic Competitiveness
#retirement:other
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Bill Summary · SB 808

Legislative bill overview

SB 808 establishes a new Michigan Secure Retirement Program Board tasked with creating and administering a state-facilitated retirement savings program. The bill creates statutory authority for a portable retirement plan designed to help private-sector workers without employer-sponsored retirement benefits access affordable retirement savings options.

Why is this important

Roughly 40% of Michigan's private-sector workforce lacks access to employer retirement plans, leaving many workers reliant solely on Social Security. A state-facilitated program could increase retirement security for lower and middle-income workers while potentially reducing long-term public assistance costs. This addresses a documented gap in financial preparedness that affects economic stability.

Potential points of contention

  • Cost and funding mechanism: The bill's fiscal impact and whether employers/employees bear costs, state subsidies are required, or fees fund operations remains unclear without seeing the full text
  • Employer mandate concerns: Whether employers face requirements to offer or automatically enroll employees could face resistance from small business advocates
  • Competition with private sector: Financial services industry may argue state programs unfairly compete with existing private retirement products and investment options
  • Program administration: Questions about efficiency, regulatory oversight, and whether state government can effectively manage investments compared to established financial institutions

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

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