Establishes a retirement savings program for private-sector employees in Michigan.
The bill creates the Michigan Secure Retirement Savings Program, an automatic enrollment payroll deduction IRA for private-sector employees. Employers without a qualified retirement plan must enroll eligible employees, who can opt-out or adjust their contribution levels. The program aims to promote retirement savings in a convenient, low-cost, and portable manner. The Secure Retirement Savings Board administers the program, manages the fund, and ensures compliance with tax qualification requirements.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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