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HB 5335

Retirement: other; MI secure retirement program board; establish. TIE BAR WITH: HB 5336'25

2025-2026 Regular Session Introduced by Mike McFall

Michigan establishes a Secure Retirement Program Board to create a state-facilitated retirement savings system for workers lacking employer-sponsored plans.

bill electronically reproduced 12/02/2025
#retirement:other
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Bill Summary · HB 5335

Legislative bill overview

HB 5335 establishes a Michigan Secure Retirement Program Board to oversee creation of a state-facilitated retirement savings program. The bill is tied to HB 5336, suggesting complementary legislation that likely defines the program's operational details. This represents Michigan's entry into the growing trend of state-sponsored retirement plans for private-sector workers without employer-sponsored retirement benefits.

Why is this important

Approximately 40% of Michigan workers lack access to employer retirement plans, leaving them without structured savings vehicles. A state-facilitated program could increase retirement security for middle and lower-income workers while potentially reducing future reliance on public assistance programs. The program structure and funding mechanisms will significantly affect participation rates and long-term state obligations.

Potential points of contention

  • State liability and risk: Questions about whether the state guarantees returns, absorbs investment losses, or merely administers the program—each carries different fiscal implications
  • Employer mandate concerns: Business groups may oppose if the program includes employer contribution requirements or automatic enrollment provisions that affect payroll systems
  • Program design details: The tie-bar with HB 5336 obscures specifics about eligibility, contribution caps, investment options, and administrative costs that would determine the program's actual impact

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

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