Minnesota Secure Choice retirement program provisions modified.

The bill modifies the Minnesota Secure Choice retirement program by adjusting the enrollment process, contribution rates, and penalties for non-compliance. It mandates that covered employers enroll employees in the program and withhold contributions, with a default contribution rate of 5% for the first year, increasing annually. Employers must provide information about the program to employees within 14 days of hire. The bill also outlines penalties for non-compliance, starting at $100 per employee on the second anniversary and increasing to $500 per employee on subsequent anniversaries.

Minnesota Secure Choice retirement program provisions modified.

The bill modifies the Minnesota Secure Choice retirement program by adjusting the enrollment process, contribution rates, and penalties for non-compliance. It mandates that covered employers enroll employees in the program and withhold contributions, with a default contribution rate of 5% for the first year, increasing annually. Employers must provide information about the program to employees within 14 days of hire. The bill also outlines penalties for non-compliance, starting at $100 per employee on the second anniversary and increasing to $500 per employee on subsequent anniversaries.