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. This program will be managed by a newly created board and will feature a trust fund outside the state treasury, consisting of individual retirement accounts (IRAs) funded through automatic payroll deductions from participating employers. Employers who have not offered a qualified retirement plan in the past two years will be mandated to participate, ensuring employees can conveniently save for retirement. Key provisions include the establishment of a secure retirement savings program fund and an administrative fund to cover expenses, with the board responsible for compliance with the Internal Revenue Code, maximizing participation, and providing educational resources.

The bill also introduces penalties for employers who fail to remit employee contributions on time, classifying such failures as misdemeanors with fines up to $5,000. It clarifies that the state holds no financial liability for retirement benefits accrued under the program, placing that responsibility on contracted entities. Additionally, the bill outlines reporting requirements for the board, mandates annual reports to the governor and legislative committees, and ensures confidentiality for information received regarding employer returns. Employers are not liable for employees' participation decisions or the board's investment choices, and penalties for non-compliance with enrollment requirements are included, along with provisions for civil fines and agreements with other states to enhance program administration.