This bill amends the Minnesota Secure Choice retirement program by introducing several key changes aimed at improving its structure and operational guidelines. Notably, it establishes an annual report requirement that will detail the program's financial performance, expenses, outcomes, and participation statistics. A new "waiting period" of 30 days for enrollment is introduced, along with a clarified definition of "covered employee." The bill modifies the enrollment window for employers and mandates that payroll deductions begin after the waiting period. Additionally, it sets a default contribution rate starting at 5% in the first year, escalating to 8% by the fourth year, while enhancing the rights of covered employees to change their contribution rates or opt out annually.

Further amendments include changes to the governance structure of the program's board, focusing on the appointment process and term lengths for board members to ensure effective oversight. The bill also deletes previous requirements for covered employers to distribute specific program information to employees, replacing it with a mandate for the board to provide clear notices upon enrollment. New sections emphasize the confidentiality of employee data and restrict solicitation by program staff and third-party vendors. The bill requires annual notices to covered employees regarding contribution limits and responsibilities related to IRA contributions, and it repeals a previous statute concerning the distribution of program information by employers. These changes are set to take effect the day after final enactment, aiming to streamline administration and enhance employee data protection.

Statutes affected:
Introduction: 187.03, 187.05, 187.06, 187.07, 187.08