The proposed bill establishes the West Virginia Secure Choice Retirement Program by adding a new article to the Code of West Virginia. This program is designed to provide a retirement savings option for employees of covered employers, specifically those with five or more employees who do not currently offer a retirement savings plan. The bill outlines the responsibilities of these employers, which include enrolling employees, withholding contributions from their paychecks, and providing necessary information about the program. A board of directors will be created to oversee the program, consisting of members with expertise in retirement plans and investments, and will have the authority to impose civil penalties on non-compliant employers.

Additionally, the bill creates a Secure Choice trust to manage employee contributions and earnings, allowing covered employees to choose between a Roth IRA or a traditional IRA. The board will be responsible for establishing enrollment processes, preparing budgets, and ensuring low administrative fees, while also conducting outreach and education for both employers and employees. The program is set to begin no earlier than January 1, 2026, with a phased implementation over two years, and includes a provision for a $5 million transfer from the Legislature's General Revenue fund to support its establishment. The legislation emphasizes the importance of clear communication regarding the program's benefits and responsibilities for both employees and employers.

Statutes affected:
Introduced Version: 5-34-1, 5-34-2, 5-34-3, 5-34-4, 5-34-5, 5-34-6, 5-34-7, 5-34-8, 5-34-9, 5-34-10, 5-34-11, 5-34-12, 5-34-13, 5-34-14