This bill establishes a retirement plan exchange for private employers.
This bill:
- defines terms;
- directs the state treasurer's office (office) to establish and maintain a publicly accessible online exchange through which an eligible private employer may review, compare, and select one or more retirement plans for the benefit of the employer's employees;
- establishes requirements for the exchange, including the types of available retirement plans, the manner in which the exchange presents the retirement plan options, and the information available for each retirement plan;
- provides a process by which a retirement plan provider can list a qualified retirement plan on the exchange;
- requires each retirement plan provider with a listing on the exchange to annually report to the office;
- allows the office to remove or suspend a listing under certain circumstances;
- gives the office rulemaking authority related to the office's duties; and
- allows the office to contract with a third party to fulfill the office's duties related to the exchange.

Statutes affected:
Introduced: 63G-2-305