Indiana SB0024 establishes a state-administered retirement program for private sector employees.

Indiana SB0024 creates the Hoosier Crossroads Retirement Program, which automatically enrolls eligible private sector employees in an individual retirement account (IRA). Employers not offering a qualified retirement plan in the previous two years must comply with the program. The board, consisting of nine members appointed by the governor, oversees the program, sets fees, and establishes investment options. The program aims to maximize participation, savings, and sound investment practices while ensuring simplicity and portability of benefits.

Indiana SB0024 establishes a state-administered retirement program for private sector employees.

Indiana SB0024 creates the Hoosier Crossroads Retirement Program, which automatically enrolls eligible private sector employees in an individual retirement account (IRA). Employers not offering a qualified retirement plan in the previous two years must comply with the program. The board, consisting of nine members appointed by the governor, oversees the program, sets fees, and establishes investment options. The program aims to maximize participation, savings, and sound investment practices while ensuring simplicity and portability of benefits.