The proposed bill establishes the Minnesota Secure Choice Retirement Program, aimed at providing a retirement savings option for employees of covered employers in Minnesota. It creates a new chapter in the Minnesota Statutes, specifically chapter 187, and includes provisions for a board of directors to oversee the program, the creation of individual retirement accounts (IRAs) for employees, and mandates that covered employers enroll their employees and withhold contributions from their paychecks. The bill defines key terms related to the program, such as "covered employee" and "covered employer," and specifies the types of retirement accounts available, including Roth IRAs and traditional IRAs.

The bill outlines the responsibilities of covered employers, including timely remittance of contributions and distribution of program information to employees. It establishes a Secure Choice trust for holding employee contributions and an administrative fund for program expenses. The board of directors, consisting of seven members with relevant expertise, is responsible for managing the program and ensuring compliance, with a requirement to issue written warnings for noncompliance during the first year before imposing penalties. The program is set to begin operations no earlier than January 1, 2025, with a phased rollout, and includes a provision for a $5 million transfer from the general fund to support its establishment. Additionally, the state is not liable for any losses incurred by participants, and board members are required to act in the best interest of covered employees and their beneficiaries.