The proposed bill establishes the Michigan Secure Retirement Savings Program, designed to provide retirement savings options for employees of certain employers that do not currently offer qualified retirement plans. A newly created Secure Retirement Savings Board will administer the program, overseeing a trust fund to manage individual retirement accounts for enrollees. Employers will be required to automatically enroll eligible employees, who can contribute to their retirement accounts through payroll deductions. The bill outlines the board's responsibilities, including compliance with the Internal Revenue Code, maximizing participation and savings, and maintaining low administrative costs.

Additionally, the bill introduces penalties for employers who fail to enroll employees within the specified timeframe, imposing fines of $250 per employee per year and $500 for subsequent years of non-enrollment. It clarifies that participating employers are not liable for employees' decisions regarding participation or investment choices, nor for the program's administration or performance. The board is tasked with developing educational materials, submitting annual reports to the governor and legislative committees, and ensuring confidentiality of collected information. The program will not be implemented until adequate funding is secured, and the state will have no financial liability for retirement benefits beyond what is available in the program.