The proposed bill establishes the Michigan Secure Retirement Savings Program, designed to provide retirement savings options for employees lacking access to a qualified retirement plan through their employers. This program will be managed by a newly formed board and will feature a trust fund outside the state treasury to hold individual retirement accounts for participants. Employers who have not offered a qualified retirement plan in the past two years will be mandated to participate, allowing employees to contribute to their retirement accounts via payroll deductions. The bill delineates the board's responsibilities, including compliance with federal regulations, maximizing participation and savings, and maintaining low administrative costs.

Furthermore, the bill introduces a secure retirement administrative fund to cover the program's expenses and imposes civil fines on employers who fail to remit employee contributions punctually. Employees will be automatically enrolled in the program unless they choose to opt out, with the ability to select their contribution levels and investment options. The state will not bear liability for any retirement benefits accrued under the program, and the board is responsible for ensuring efficient operation and providing educational resources. The bill also outlines penalties for employers who do not enroll employees within the required timeframe and mandates annual reporting to the governor and legislative committees. Additionally, it allows the board to collaborate with other states to improve program efficiency and emphasizes the confidentiality of employer information while permitting the publication of aggregated statistics. The program's implementation is contingent upon adequate funding and the enactment of a related Senate Bill.