The proposed bill establishes the "secure retirement savings board" within the Michigan Department of Treasury, outlining its composition, powers, and duties. The board will consist of the state treasurer (or a designee), the director of the Department of Technology, Management, and Budget (or a designee), and four members appointed by the governor, including two public representatives with expertise in retirement savings, a representative of participating employers, and a 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 Senate Bill No. 807 of the 103rd Legislature is also enacted into law.