Establishes the Massachusetts Secure Choice Savings Program for private-sector employees.
The bill establishes the Massachusetts Secure Choice Savings Program, administered by the state treasurer, to promote retirement savings for private-sector employees. Employers with at least 25 employees for two years and without a qualified retirement plan must automatically enroll employees in the program, allowing them to opt out or choose a contribution level. The program is funded by fees, penalties, and other payments. The Massachusetts Secure Choice Savings Board oversees the program, and employers are not liable for employee investment decisions.
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