Establishes the Massachusetts Secure Choice Savings Program to encourage retirement planning.
The bill establishes the Massachusetts Secure Choice Savings Program, an automatic enrollment payroll deduction IRA, to encourage retirement planning for private-sector employees. Employers must automatically enroll eligible employees unless they opt out. The Board will manage the program, establish investment options, and ensure compliance with tax laws. Employers are not liable for employee investment decisions. The program aims to maximize participation, savings, and sound investment practices.
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