An Act to encourage retirement planning

This bill establishes the Massachusetts Secure Choice Savings Program, a state-run retirement savings initiative designed for private-sector employees who currently lack access to employer-sponsored retirement plans. The program primarily affects employers with at least 25 employees and at least two years of operation that have not offered a qualified retirement plan in the past two years, as well as smaller employers who may opt in. Key provisions include creating a new board to administer the program and setting up a trust fund to hold individual retirement accounts funded through automatic payroll deductions. The legislation defines specific terms related to employees, wages, and eligible employers to ensure clarity in participation requirements and operational procedures.