Establishes a retirement savings program for Massachusetts private-sector employees.
The bill establishes the Massachusetts Secure Choice Savings Program, a retirement savings program for private-sector employees. Employers with 25 or more employees must allow employees to participate by automatically enrolling them in a payroll deduction arrangement. Employees can opt out or choose a contribution level. Employers can avoid penalties by offering an alternative retirement plan. The program is administered by the state treasurer and overseen by the Massachusetts Secure Choice Savings Board.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.