Labor & Employment (Retirement Benefits)

Senate Bill 110, titled "North Carolina Work and Save," establishes the North Carolina Small Business Retirement Savings Program. This program aims to help private-sector employees aged 18 and older in North Carolina save for retirement if their employer does not already offer a retirement plan. It enables participating employers to offer a voluntary payroll deduction Individual Retirement Account (IRA) arrangement for their employees. A new North Carolina Small Business Retirement Savings Board would be created to oversee the program and manage its funds through private-sector entities.

HB 79, "North Carolina Work and Save," creates a voluntary retirement savings program for North Carolina workers without access to employer-sponsored plans. It allows covered employers (small businesses not already offering tax-qualified retirement plans) to set up payroll deduction IRAs (traditional or Roth) for employees, enabling automatic retirement savings. The program is administered by a 12-member Board under the Department of Commerce, with funds held in a trust managed by private entities. It directly affects approximately 1.7 million North Carolina workers in small businesses, focusing on moderate- and lower-income households to improve retirement security. Participation is voluntary for both employers and employees, with no state funding required for employer participation.