Minnesota Secure Choice retirement program provisions modification

The bill modifies the Minnesota Secure Choice retirement program by amending various sections of Minnesota Statutes. Key changes include adjustments to the board of directors' membership terms, duties, and quorum requirements. It also modifies the default contribution rates and escalation schedule for covered employees, and outlines penalties for non-compliance by covered employers. Additionally, the bill emphasizes the confidentiality of employee data and restricts solicitation by program staff. The changes aim to enhance the program's administration, compliance, and employee protections.

Minnesota Secure Choice retirement program provisions modification

The bill modifies the Minnesota Secure Choice retirement program by amending various sections of Minnesota Statutes. Key changes include adjustments to the board of directors' membership terms, duties, and quorum requirements. It also modifies the default contribution rates and escalation schedule for covered employees, and outlines penalties for non-compliance by covered employers. Additionally, the bill emphasizes the confidentiality of employee data and restricts solicitation by program staff. The changes aim to enhance the program's administration, compliance, and employee protections.