A bill for an act establishing a retirement savings plan trust, providing penalties, and including implementation provisions.

HF 2373 proposes a state-run retirement savings program for Iowa workers. It requires employers with five or more employees to automatically enroll eligible workers (aged 18+ working 120+ days annually) in a trust managed by the Iowa Treasurer, with a default contribution rate set by the Treasurer. Participants can opt out, adjust contribution levels, or choose from low-risk investment options, including a target date fund as the default. Employers must provide annual enrollment periods and educational materials about the program. The bill is currently in committee and aims to expand retirement savings access for Iowa workers through employer-based enrollment.