HB915: Mississippi Work and Save Program; create.

Legislative Summary

An Act To Create The Mississippi Work And Save Program, Which Is A Retirement Savings Program Sponsored By The State For Certain Employers Who Do Not Already Offer A Retirement Plan That Will Allow Those Employers To Offer Eligible Employees The Voluntary Choice To Contribute To An Individual Retirement Account (ira) Through A Payroll Deduction; To Establish The Mississippi Work And Save Board In The Office Of The State Treasurer To Administer The Program; To Provide For The Appointment Of The Members Of The Board; To Provide The Powers, Authority And Duties Of The Board; To Prescribe The Requirements For The Program; To Provide That The Ira To Which Contributions Are Made Will Be A Roth Ira And The Standard Package Will Be A Roth Ira With A Target Date Fund Investment And A Specified Contribution Percentage; To Provide Certain Protection From Liability For Employers In The Program And For The State; To Provide For The Confidentiality Of Participant And Account Information; To Create The Mississippi Work And Save Administrative Fund As A Special Fund In The State Treasury; To Provide That Monies In The Fund Shall Be Expended By The Board, Upon Appropriation Of The Legislature, For The Purposes Authorized In This Act; And For Related Purposes.