An Act to encourage retirement planning

This bill establishes Massachusetts' "Secure Choice Savings Program," requiring private employers with 5+ Massachusetts-based employees (who don't already offer retirement plans) to automatically enroll workers in a payroll-deduction retirement savings account. The program, managed by a state board, creates a separate fund for individual retirement accounts (IRAs) that meet federal tax rules, with contributions deducted directly from paychecks. Employees earn retirement savings without needing to take action, and employers must facilitate payroll deductions but aren't required to contribute. The program targets private-sector workers in businesses that lack existing retirement plans, aiming to boost savings through automatic enrollment.