Establishes a retirement savings program for nonpublic employees in Michigan.
The bill establishes the Michigan Secure Retirement Savings Program, an automatic enrollment payroll deduction IRA for private-sector employees. Employers without a qualified retirement plan must allow employees to participate. Employees can opt out, choose contribution levels, and change investment options. The program is designed to maximize participation, savings, and investment practices. The board oversees the program, sets contribution levels, and ensures compliance with tax laws. Employers face penalties for non-compliance.
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