The bill establishes the Wyoming Private Employees' Retirement Savings Task Force, which will consist of seven members, including representatives from the Wyoming retirement system, private employers, investment experts, and private employees. The task force is tasked with studying and making recommendations for the implementation of a defined contribution retirement plan for private employees in Wyoming. This plan will allow employees to contribute through payroll deductions, require employers to offer the plan unless they provide a qualified retirement plan, and include features such as automatic enrollment and the ability to maintain accounts regardless of employment status. The task force will also analyze the feasibility of the plan, legal implications, and potential costs to employers.

To support the task force's work, the bill appropriates $50,000 from the general fund to the Wyoming retirement system for conducting the study and developing recommendations, as well as $20,000 to the legislative service office for compensating legislative members of the task force. The task force is required to report its findings and recommendations to the joint appropriations committee by September 15, 2024, and the bill is effective immediately upon its passage.