An Act to encourage retirement planning

This bill establishes the Massachusetts Secure Choice Savings Program, a state-run initiative designed to help private-sector employees save for retirement through automatic payroll deductions. The program specifically targets employers in Massachusetts who have at least five employees, have been in business for two years, and have not offered a qualified retirement plan in the last two years. Under the new law, eligible employers must automatically enroll their workers in the program, deduct a portion of their pay for retirement savings, and forward those contributions to a state-managed trust fund that operates as an Individual Retirement Account. A seven-member board will oversee the program's administration, while the funds collected remain separate from state government assets.