The proposed bill establishes the Minnesota Secure Choice Retirement Program, designed to provide a retirement savings option for employees in Minnesota. It introduces new legal definitions for terms such as "covered employee," "covered employer," and "program," and outlines the responsibilities of a governing board. The program allows covered employees to make payroll deduction contributions to individual retirement accounts, including Roth IRAs and traditional IRAs, with contributions available on both an after-tax and pretax basis. Covered employers are required to enroll their employees in the program and withhold contributions unless an employee opts out. The bill also creates a Secure Choice trust to manage employee contributions and earnings, along with an administrative fund for operational expenses.

The governing board, consisting of seven members with expertise in retirement plans, is responsible for managing the program, ensuring compliance, and enrolling covered employees. The board must issue written warnings to employers for the first year of noncompliance before imposing penalties and is authorized to adopt necessary rules while publishing annual reports on the program's operations. The bill emphasizes the fiduciary duties of board members to act in the best interest of covered employees and clarifies that the state is not liable for any losses incurred by participants. The program is set to begin operations by January 1, 2025, with initial board appointments required by January 15, 2024, and funding provisions established through transfers from the general fund.