Establishes the Iowa retirement savings plan trust to help Iowans save for retirement, with automatic enrollment and investment options.

The bill establishes the Iowa retirement savings plan trust under the office of the treasurer of state. Employers with a certain number of employees must automatically enroll eligible employees in the trust, with a default contribution rate set by the treasurer. Employees can opt out or choose a different contribution rate or investment option. The bill allows the treasurer to enter into agreements with other states for the administration of the trust. It also creates civil penalties for employers who fail to enroll an employee without reasonable cause, enforced by the treasurer of state.

Establishes the Iowa retirement savings plan trust to help Iowans save for retirement, with automatic enrollment and investment options.

The bill establishes the Iowa retirement savings plan trust under the office of the treasurer of state. Employers with a certain number of employees must automatically enroll eligible employees in the trust, with a default contribution rate set by the treasurer. Employees can opt out or choose a different contribution rate or investment option. The bill allows the treasurer to enter into agreements with other states for the administration of the trust. It also creates civil penalties for employers who fail to enroll an employee without reasonable cause, enforced by the treasurer of state.