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.

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.