The proposed bill establishes the "secure retirement savings board" within the Michigan Department of Treasury, consisting of seven members. The board will include the state treasurer or their designee as chair, a second designee from the state treasurer, the director of the department of technology, management, and budget or their designee, and four representatives appointed by the governor: two public representatives with expertise in retirement savings, one representative of participating employers, and one representative of enrollees. Board members will serve without compensation but may be reimbursed for necessary travel expenses. Initial appointments will have varying terms, and any vacancies will be filled in the same manner as the original appointment.

Additionally, the bill stipulates that all gubernatorial appointments are subject to the advice and consent of the senate, with provisions for temporary appointments during senate recesses. The act will not take effect unless certain related legislation is enacted into law.