Minnesota Secure Choice Retirement Program bill adds penalties for noncompliance and criminal penalties.

The bill adds penalties for noncompliance with the Minnesota Secure Choice Retirement Program. It mandates penalties for employers who fail to enroll employees, distribute information, or remit contributions. Penalties increase annually, starting at $100 per employee and reaching $500 per employee after four years. Employers can avoid penalties if they correct violations within 30 days or if the board waives the penalty. Employers who fail to remit contributions face a $250 penalty per employee after a second demand from the executive director.

Minnesota Secure Choice Retirement Program bill adds penalties for noncompliance and criminal penalties.

The bill adds penalties for noncompliance with the Minnesota Secure Choice Retirement Program. It mandates penalties for employers who fail to enroll employees, distribute information, or remit contributions. Penalties increase annually, starting at $100 per employee and reaching $500 per employee after four years. Employers can avoid penalties if they correct violations within 30 days or if the board waives the penalty. Employers who fail to remit contributions face a $250 penalty per employee after a second demand from the executive director.