1.1 A bill for an act
1.2 relating to retirement; establishing the Minnesota Secure Choice retirement
1.3 program; transferring money; appropriating money; proposing coding for new law
1.4 as Minnesota Statutes, chapter 187.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [187.01] MINNESOTA SECURE CHOICE RETIREMENT PROGRAM;
1.7CITATION.
1.8 This chapter shall be known as and may be cited as the "Minnesota Secure Choice
1.9Retirement Program Act."
1.10 Sec. 2. [187.03] DEFINITIONS.
1.11 Subdivision 1.Applicability.For purposes of this chapter, the terms defined in this
1.12section have the meanings given them.
1.13 Subd. 2.Board."Board" or "board of directors" means the board of directors of the
1.14Minnesota Secure Choice retirement program.
1.15 Subd. 3.Compensation."Compensation" means compensation within the meaning of
1.16Section 219(f)(1) of the Internal Revenue Code that is received by a covered employee from
1.17a covered employer.
1.18 Subd. 4.Contribution rate."Contribution rate" means the percentage of compensation
1.19withheld from a covered employee's compensation and deposited in an account established
1.20for the covered employee under the program.
1Sec. 2.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT
State of Minnesota
This Document can be made available
in alternative formats upon request
HOUSE OF REPRESENTATIVES
H. F. No. 782
NINETY-THIRD SESSION
Authored by Becker-Finn; Her; Wolgamott; Nelson, M.; Tabke and others01/25/2023
The bill was read for the first time and referred to the Committee on State and Local Government Finance and Policy
Adoption of Report: Amended and re-referred to the Committee on Judiciary Finance and Civil Law03/15/2023 2.1 Subd. 5.Covered employee.(a) "Covered employee" means a person who is employed
2.2by a covered employer and who satisfies any other criteria established by the board.
2.3 (b) Covered employee does not include:
2.4 (1) a person who, on December 31 of the preceding calendar year, was younger than 18
2.5years of age;
2.6 (2) a person covered under the federal Railway Labor Act, as amended, United States
2.7Code, title 45, sections 151 et seq.;
2.8 (3) a person on whose behalf an employer makes contributions to a Taft-Hartley
2.9multiemployer pension trust fund; or
2.10 (4) a person employed by the government of the United States, another country, the state
2.11of Minnesota, another state, or any subdivision thereof.
2.12 Subd. 6.Covered employer.(a) "Covered employer" means a person or entity:
2.13 (1) engaged in a business, industry, profession, trade, or other enterprise in Minnesota,
2.14whether for profit or not for profit;
2.15 (2) that employs one or more covered employees; and
2.16 (3) that does not sponsor or contribute to and did not in the immediately preceding 12
2.17months sponsor or contribute to a retirement savings plan for its employees.
2.18 (b) Covered employer does not include:
2.19 (1) an employer that has not engaged in a business, industry, profession, trade, or other
2.20enterprise in Minnesota, whether for profit or not for profit, at any time during the
2.21immediately preceding 12 months; and
2.22 (2) a state or federal government or any political subdivision thereof.
2.23 Subd. 7.Executive director."Executive director" means the chief executive and
2.24administrative head of the program.
2.25 Subd. 8.Internal Revenue Code."Internal Revenue Code" means the Internal Revenue
2.26Code of 1986, as amended, United States Code, title 26.
2.27 Subd. 9.Program."Program" means the Minnesota Secure Choice retirement program.
2.28 Subd. 10.Retirement savings plan."Retirement savings plan" means a plan or program
2.29offered by an employer that permits contributions to be set aside for retirement on a pretax
2.30or after-tax basis and permits all employees of the employer to participate except those
2.31employees who have not satisfied participation eligibility requirements that are no more
2Sec. 2.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 3.1restrictive than the eligibility requirements permitted under section 410(b) of the Internal
3.2Revenue Code. Retirement savings plan includes but is not limited to a plan described in
3.3section 401(a) of the Internal Revenue Code, an annuity plan or annuity contract described
3.4in section 403(a) or 403(b) of the Internal Revenue Code, a plan within the meaning of
3.5section 457(b) of the Internal Revenue Code, a simplified employee pension (SEP) plan, a
3.6savings incentive match plan for employees (SIMPLE) plan, an automatic enrollment payroll
3.7deduction individual retirement account, and a multiemployer pension plan described in
3.8section 414(f) of the Internal Revenue Code.
3.9 Subd. 11.Secure Choice administrative fund."Secure Choice administrative fund"
3.10or "administrative fund" means the fund established under section 187.06, subdivision 2.
3.11 Subd. 12.Secure Choice trust."Secure Choice trust" or "trust" means a trust established
3.12under section 187.06, subdivision 1, to hold contributions and investment earnings thereon
3.13under the program.
3.14 Subd. 13.Roth IRA."Roth IRA" means an individual retirement account established
3.15under section 408A of the Internal Revenue Code to hold and invest after-tax assets.
3.16 Subd. 14.Traditional IRA."Traditional IRA" means an individual retirement account
3.17established under section 408 of the Internal Revenue Code to hold and invest pretax assets.
3.18 Sec. 3. [187.05] SECURE CHOICE RETIREMENT PROGRAM.
3.19 Subdivision 1.Program established.(a) The board must operate an employee retirement
3.20savings program whereby employee payroll deduction contributions are transmitted on an
3.21after-tax or pretax basis by covered employers to individual retirement accounts established
3.22under the program.
3.23 (b) The board must establish procedures for opening a Roth IRA, a traditional IRA, or
3.24both a Roth IRA and a traditional IRA for each covered employee whose covered employer
3.25transmits employee payroll deduction contributions under the program.
3.26 (c) Contributions must be made on an after-tax (Roth) basis, unless the covered employee
3.27elects to contribute on a pretax basis.
3.28 Subd. 2.Compliance with Internal Revenue Code.The board must establish and
3.29administer each Roth IRA and traditional IRA opened under the program in compliance
3.30with section 408 or 408A of the Internal Revenue Code, as applicable, for the benefit of the
3.31covered employee for whom the account was opened.
3Sec. 3.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 4.1 Subd. 3.Contributions held in trust.Each covered employer must transmit employee
4.2payroll deduction contributions to an account established for the benefit of the covered
4.3employee in a trust established to hold contributions under the program.
4.4 Subd. 4.Contribution rate.(a) The board must establish default, minimum, and
4.5maximum employee contribution rates and an escalation schedule to automatically increase
4.6each covered employee's contribution rate annually until the contribution rate is equal to
4.7the maximum contribution rate.
4.8 (b) A covered employee must have the right at any time to change the contribution rate,
4.9opt out or elect not to contribute, or cease contributions.
4.10 Subd. 5.Vesting.Covered employees are 100 percent vested in their accounts at all
4.11times.
4.12 Subd. 6.Withdrawals and distributions.The board must establish alternatives
4.13permitting covered employees to take a withdrawal of all or a portion of the covered
4.14employee's account while employed and one or more distributions following termination
4.15of employment. Distribution alternatives must include lifetime income options.
4.16 Subd. 7.Individuals not employed by a covered employer.The board may allow
4.17individuals to open and contribute to an account in the program, in which case the individual
4.18shall be considered a covered employee for purposes of sections 187.05 to 187.12.
4.19 Sec. 4. [187.06] ESTABLISHMENT OF SECURE CHOICE TRUST AND
4.20ADMINISTRATIVE FUND; EMPLOYEE ACCOUNTS; INVESTMENTS.
4.21 Subdivision 1.Secure Choice trust established.The Secure Choice trust is established
4.22as an instrumentality of the state to hold employee payroll deduction contributions and
4.23earnings on the contributions. The board must appoint a financial institution to act as trustee
4.24or custodian. The trustee or custodian must manage and administer trust assets for the
4.25exclusive purposes of providing benefits and defraying reasonable expenses of administering
4.26the program.
4.27 Subd. 2.Secure Choice administrative fund established; money appropriated.(a)
4.28The Secure Choice administrative fund is established in the state treasury as a fund separate
4.29and apart from the Secure Choice trust.
4.30 (b) The board of directors may assess administrative fees on each covered employee's
4.31account to be applied toward the expenses of administering the program. Money in the
4.32administrative fund is appropriated to the board to pay administrative expenses of
4.33administering the program if fees from the trust are not sufficient to cover expenses. The
4Sec. 4.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 5.1board must determine which administrative expenses will be paid using money in the
5.2administrative fund and which administrative expenses will be paid using money in the trust
5.3in the exercise of its fiduciary duty.
5.4 (c) The board may receive and deposit into the administrative fund any gifts, grants,
5.5donations, loans, appropriations, or other moneys designated for the administrative fund
5.6from the state, any unit of federal or local government, any other entity, or any person.
5.7 (d) Any interest or investment earnings that are attributable to money in the administrative
5.8fund must be deposited into the administrative fund.
5.9 Subd. 3.Individual accounts established.The trustee or custodian, as applicable, must
5.10maintain an account for employee payroll deduction contributions with respect to each
5.11covered employee. Interest and earnings on the amount in the account are credited to the
5.12account and losses are deducted.
5.13 Subd. 4.Investments.The board must make available for investment a diversified array
5.14of investment funds selected by the State Board of Investment. Members of the board, the
5.15executive director and members of the State Board of Investment, and all other fiduciaries
5.16are relieved of fiduciary responsibility for investment losses resulting from a covered
5.17employee's investment directions. Each covered employee is entitled to direct the investment
5.18of the contributions credited to the covered employee's account in the trust and earnings on
5.19the contributions into the array of investment funds selected by the State Board of Investment.
5.20 Subd. 5.Default investment fund.The board must designate a default investment fund
5.21that is diversified to minimize the risk of large losses and consists of target date funds, a
5.22balanced fund, a capital preservation fund, or any combination of the foregoing funds.
5.23Accounts for which no investment direction has been given by the covered employee must
5.24be invested in the default investment fund. Members of the board, the executive director of
5.25the State Board of Investment, and all other fiduciaries are relieved of fiduciary duty with
5.26regard to investment of assets in the default investment fund.
5.27 Subd. 6.Inalienability of accounts.No account under the program is subject to
5.28assignment or alienation, either voluntarily or involuntarily, or to the claims of creditors,
5.29except as provided in section 518.58.
5.30 Subd. 7.Accounts not property of the state or covered employers.The assets of the
5.31Secure Choice trust shall be preserved, invested, and expended solely for the purposes of
5.32the trust and no property rights in the trust assets shall exist in favor of the state or any
5.33covered employer. The assets of the Secure Choice trust shall not be transferred or used by
5.34the state for any purpose other than the purposes of the trust, including reasonable
5Sec. 4.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 6.1administrative expenses of the program. Amounts deposited in the trust shall not constitute
6.2property of the state and shall not be commingled with state funds, and the state shall have
6.3no claim to or against, or interest in, the assets of the Secure Choice trust.
6.4 Sec. 5. [187.07] RESPONSIBILITIES OF COVERED EMPLOYERS.
6.5 Subdivision 1.Requirement to enroll employees.Each covered employer must enroll
6.6its covered employees in the program and withhold payroll deduction contributions from
6.7each covered employee's paycheck, unless the covered employee has elected not to contribute.
6.8The board must establish penalties for covered employers for failing to enroll covered
6.9employees.
6.10 Subd. 2.Remitting contributions.A covered employer must timely remit contributions
6.11as required by the board. The board must establish penalties for covered employers for
6.12failing to timely remit contributions.
6.13 Subd. 3.Distribution of information.Covered employers must provide information
6.14prepared by the board to all covered employees regarding the program. The information
6.15must be provided to each covered employee at least 30 days prior to the date of the first
6.16paycheck from which employee contributions could be deducted for transmittal to the
6.17program, if the covered employee does not elect to opt out of the program.
6.18 Subd. 4.No fiduciary responsibility.Except for the responsibilities described in
6.19subdivisions 1 to 3, a covered employer has no obligations to covered employees and is not
6.20a fiduciary for any purpose under the program or in connection with the Secure Choice
6.21trust. Covered employers are not responsible for the administration, investment performance,
6.22plan design, or benefits paid to covered employees.
6.23 Subd. 5.Employer liability.A covered employer is not liable to a covered employee
6.24for damages alleged to have resulted from a covered employee's participation in or failure
6.25to participate in the program.
6.26 Subd. 6.Enforcement.(a) The board must establish monthly or quarterly penalties
6.27against any covered employer that fails to comply with subdivisions 1, 2, and 3. The penalties
6.28for a failure to comply with subdivision 2 shall be commensurate with penalties for failure
6.29to remit state payroll taxes and, for any compliance failure, commensurate with penalties
6.30imposed under similar programs in other states.
6.31 (b) At the request of the board, the attorney general shall enforce the penalties imposed
6.32by the board against a covered employer. Proceeds of such penalties, after deducting
6Sec. 5.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 7.1enforcement expenses, must be deposited in the Secure Choice administrative fund and are
7.2appropriated to the program.
7.3 (c) The board must provide covered employers with written warnings for the first year
7.4of noncompliance before assessing penalties.
7.5 Sec. 6. [187.08] SECURE CHOICE RETIREMENT PROGRAM BOARD OF
7.6DIRECTORS.
7.7 Subdivision 1.Membership.The policy-making function of the program is vested in a
7.8board of directors consisting of seven members as follows:
7.9 (1) the executive director of the Minnesota State Retirement System or the executive
7.10director's designee;
7.11 (2) the executive director of the State Board of Investment or the executive director's
7.12designee;
7.13 (3) three members chosen by the Legislative Commission on Pensions and Retirement,
7.14one from each of the following experience categories:
7.15 (i) executive or operations manager with substantial experience in record keeping 401(k)
7.16plans;
7.17 (ii) executive or operations manager with substantial experience in individual retirement
7.18accounts; and
7.19 (iii) executive or other professional with substantial experience in retirement plan
7.20investments;
7.21 (4) a human resources or retirement benefits executive from a private company with
7.22substantial experience in administering the company's 401(k) plan, appointed by the governor;
7.23and
7.24 (5) a small business owner or executive appointed by the governor.
7.25 Subd. 2.Appointment.Members appointed by the governor must be appointed as
7.26provided in section 15.0597.
7.27 Subd. 3.Membership terms.(a) Board members serve for two-year terms, except for
7.28the executive directors of the Minnesota State Retirement System and the State Board of
7.29Investment, who serve indefinitely.
7.30 (b) Board members' terms may be renewed, but no member may serve more than two
7.31consecutive terms.
7Sec. 6.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 8.1 Subd. 4.Resignation; removal; vacancies.(a) A board member may resign at any time
8.2by giving written notice to the board.
8.3 (b) A board member may be removed by the appointing authority and a majority vote
8.4of the board following notice and hearing before the board. For purposes of this subdivision,
8.5the chair may invite the appointing authority or a designee of the appointing authority to
8.6serve as a voting member of the board if necessary to constitute a quorum.
8.7 (c) If a vacancy occurs, the Legislative Commission on Pensions and Retirement or the
8.8governor, as applicable, shall appoint a new member within 90 days.
8.9 Subd. 5.Compensation.Public members are compensated and expenses reimbursed as
8.10provided under section 15.0575, subdivision 3.
8.11 Subd. 6.Chair.The board shall select a chair from among its members. The chair shall
8.12serve a two-year term. The board may select other officers as necessary to assist the board
8.13in performing the board's duties.
8.14 Subd. 7.Executive director; staff.The board must appoint an executive director,
8.15determine the duties of the director, and set the compensation of the executive director. The
8.16board may also hire staff as necessary to support the board in performing its duties.
8.17 Subd. 8.Duties.In addition to the duties set forth elsewhere in this chapter, the board
8.18has the following duties:
8.19 (1) to establish secure processes for enrolling covered employees in the program and
8.20for transmitting employee and employer contributions to accounts in the trust;
8.21 (2) to prepare a budget and establish procedures for the payment of costs of administering
8.22and operating the program;
8.23 (3) to lease or otherwise procure equipment necessary to administer the program;
8.24 (4) to procure insurance in connection with the property of the program and the activities
8.25of the board, executive director, and other staff;
8.26 (5) to determine the following:
8.27 (i) any criteria for "covered employee" other than employment with a covered employer
8.28under section 187.03, subdivision 5;
8.29 (ii) contribution rates and an escalation schedule under section 187.05, subdivision 4;
8.30 (iii) withdrawal and distribution options under section 187.05, subdivision 6; and
8.31 (iv) the default investment fund under section 187.06, subdivision 5;
8Sec. 6.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 9.1 (6) to keep annual administrative fees, costs, and expenses as low as possible:
9.2 (i) except that any administrative fee assessed against the accounts of covered employees
9.3may not exceed a reasonable amount relative to the fees charged by auto-IRA or defined
9.4contribution programs of similar size in the state of Minnesota or another state; and
9.5 (ii) the fee may be asset-based, flat fee, or a hybrid combination of asset-based and flat
9.6fee;
9.7 (7) to determine the eligibility of an employer, employee, or other individual to participate
9.8in the program and review and decide claims for benefits and make factual determinations;
9.9 (8) to prepare information regarding the program that is clear and concise for
9.10dissemination to all covered employees and includes the following:
9.11 (i) the benefits and risks associated with participating in the program;
9.12 (ii) procedures for enrolling in the program and opting out of the program, electing a
9.13different or zero percent employee contribution rate, making investment elections, applying
9.14for a distribution of employee accounts, and making a claim for benefits;
9.15 (iii) the federal and state income tax consequences of participating in the program, which
9.16may consist of or include the disclosure statement required to be distributed by retirement
9.17plan trustees or custodians under the Internal Revenue Code and the Treasury Regulations
9.18thereunder;
9.19 (iv) how to obtain additional information on the program; and
9.20 (v) disclaimers of covered employer and state responsibility, including the following
9.21statements:
9.22 (A) covered employees seeking financial, investment, or tax advice should contact their
9.23own advisors;
9.24 (B) neither covered employers nor the state of Minnesota are liable for decisions covered
9.25employees make regarding their account in the program;
9.26 (C) neither a covered employer nor the state of Minnesota guarantees the accounts in
9.27the program or any particular investment rate of return; and
9.28 (D) neither a covered employer nor the state of Minnesota monitors or has an obligation
9.29to monitor any covered employee's eligibility under the Internal Revenue Code to make
9.30contributions to an account in the program, or whether the covered employee's contributions
9.31to an account in the program exceed the maximum permissible contribution under the
9.32Internal Revenue Code;
9Sec. 6.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 10.1 (9) to publish an annual financial report, prepared according to generally accepted
10.2accounting principles, on the operations of the program, which must include but not be
10.3limited to costs attributable to the use of outside consultants, independent contractors, and
10.4other persons who are not state employees and deliver the report to the chairs and ranking
10.5minority members of the legislative committees with jurisdiction over jobs and economic
10.6development and state government finance, the executive directors of the State Board of
10.7Investment and the Legislative Commission on Pensions and Retirement, and the Legislative
10.8Reference Library;
10.9 (10) to publish an annual report regarding plan outcomes, progress toward savings goals
10.10established by the board, statistics on covered employees and participating employers, plan
10.11expenses, estimated impact of the program on social safety net programs, and penalties and
10.12violations and deliver the report to the chairs and ranking minority members of the legislative
10.13committees with jurisdiction over jobs and economic development and state government
10.14finance, the executive directors of the State Board of Investment and the Legislative
10.15Commission on Pensions and Retirement, and the Legislative Reference Library;
10.16 (11) to file all reports required under the Internal Revenue Code or chapter 290;
10.17 (12) to, at the board's discretion, seek and accept gifts, grants, and donations to be used
10.18for the program, unless such gifts, grants, or donations would result in a conflict of interest
10.19relating to the solicitation of service provider for program administration, and deposit such
10.20gifts, grants, or donations in the Secure Choice administrative fund;
10.21 (13) to, at the board's discretion, seek and accept appropriations from the state or loans
10.22from the state or any agency of the state;
10.23 (14) to assess the feasibility of partnering with another state or a governmental subdivision
10.24of another state to administer the program through shared administrative resources and, if
10.25determined beneficial, enter into contracts, agreements, memoranda of understanding, or
10.26other arrangements with any other state or an agency or subdivision of any other state to
10.27administer, operate, or manage any part of the program, which may include combining
10.28resources, investments, or administrative functions;
10.29 (15) to hire, retain, and terminate third-party service providers as the board deems
10.30necessary or desirable for the program, including but not limited to the trustees, consultants,
10.31investment managers or advisors, custodians, insurance companies, recordkeepers,
10.32administrators, consultants, actuaries, legal counsel, auditors, and other professionals,
10.33provided that each service provider is authorized to do business in the state;
10Sec. 6.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 11.1 (16) to interpret the program's governing documents and this chapter and make all other
11.2decisions necessary to administer the program;
11.3 (17) to conduct comprehensive employer and worker education and outreach regarding
11.4the program that reflect the cultures and languages of the state's diverse workforce population,
11.5which may, in the board's discretion, include collaboration with state and local government
11.6agencies, community-based and nonprofit organizations, foundations, vendors, and other
11.7entities deemed appropriate to develop and secure ongoing resources; and
11.8 (18) to prepare notices for delivery to covered employees regarding the escalation
11.9schedule and to each covered employee before the covered employee is subject to an
11.10automatic contribution increase.
11.11 Subd. 9.Rules.The board of directors is authorized to adopt rules as necessary to
11.12implement this chapter.
11.13 Subd. 10.Conflict of interest; economic interest statement.No member of the board
11.14may participate in deliberations or vote on any matter before the board that will or is likely
11.15to result in direct, measurable economic gain to the member or the member's family. Members
11.16of the board shall file with the Campaign Finance and Public Disclosure Board an economic
11.17interest statement in a manner as prescribed by section 10A.09, subdivisions 5 and 6.
11.18Sec. 7. [187.09] FIDUCIARY DUTY; STANDARD OF CARE.
11.19 (a) The members of the board, the executive director of the program, the executive
11.20director and members of the State Board of Investment, and any person who controls the
11.21disposition or investment of the assets of the Secure Choice trust:
11.22 (1) owe a fiduciary duty to the covered employees who participate in the program and
11.23their beneficiaries;
11.24 (2) must administer the program solely for the exclusive benefit of such covered
11.25employees and their beneficiaries, and for the exclusive purpose of providing benefits and
11.26paying reasonable plan expenses;
11.27 (3) are subject to the standard of care established in section 356A.04, subdivision 2; and
11.28 (4) are indemnified and held harmless by the state of Minnesota for the reasonable costs,
11.29expenses, or liability incurred as a result of any actual or threatened litigation or
11.30administrative proceeding arising out of the performance of the person's duties.
11.31 (b) Except as otherwise established in this chapter, the fiduciaries under paragraph (a)
11.32owe no other duty to covered employees, express or implied, in common law or otherwise.
11Sec. 7.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 12.1 Sec. 8. [187.10] NO STATE LIABILITY.
12.2 The state has no liability for the payment of, the amount of, or losses to any benefit to
12.3any participant in the program.
12.4 Sec. 9. [187.11] OTHER STATE AGENCIES TO PROVIDE ASSISTANCE.
12.5 (a) The board may enter into intergovernmental agreements with the commissioner of
12.6revenue, the commissioner of labor and industry, and any other state agency that the board
12.7deems necessary or appropriate to provide outreach, technical assistance, or compliance
12.8services. An agency that enters into an intergovernmental agreement with the board pursuant
12.9to this section must collaborate and cooperate with the board to provide the outreach,
12.10technical assistance, or compliance services under any such agreement.
12.11 (b) The commissioner of administration must provide office space in the Capitol complex
12.12for the executive director and staff of the program.
12.13Sec. 10. [187.12] SEVERABILITY.
12.14 If any provision of this chapter is found to be unconstitutional and void, the remaining
12.15provisions of this chapter are valid.
12.16Sec. 11. MINNESOTA SECURE CHOICE RETIREMENT PROGRAM; START
12.17OF OPERATIONS.
12.18 Subdivision 1.Program start; phasing.(a) The board of directors of the Minnesota
12.19Secure Choice retirement program must begin operation of the secure choice retirement
12.20program under Minnesota Statutes, section 187.05, by January 1, 2025.
12.21 (b) The board of directors must open the program in phases, and the first phase must be
12.22opened no later than two years after the opening of the first phase.
12.23 Subd. 2.Board appointments; first meeting.Appointing authorities must make
12.24appointments to the board of directors under Minnesota Statutes, section 187.08, by January
12.2515, 2024. The Legislative Commission on Pensions and Retirement must designate one
12.26member of the board to convene the first meeting of the board of directors by March 1,
12.272024. At the first meeting, the board shall elect a chair.
12.28Sec. 12. BOARD SUPPORT UNTIL APPOINTMENT OF EXECUTIVE DIRECTOR.
12.29 With the assistance of the Legislative Coordinating Commission, the executive director
12.30of the Legislative Commission on Pensions and Retirement must:
12Sec. 12.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT 13.1 (1) provide notice to members of the board regarding the first meeting of the board and
13.2work with the chair designated under Minnesota Statutes, section 187.08, subdivision 7, to
13.3determine the agenda and provide meeting support; and
13.4 (2) serve as the interim executive director to assist the board until the board completes
13.5the search, recruitment, and interview process and appoints the executive director under
13.6Minnesota Statutes, section 187.08, subdivision 8.
13.7 Sec. 13. TRANSFERS.
13.8 $....... in fiscal year 2024 and $....... in fiscal year 2025 are transferred from the general
13.9fund to the Secure Choice administrative fund established under Minnesota Statutes, section
13.10187.06, to establish and administer the Secure Choice retirement program. The base for this
13.11transfer is $....... in fiscal year 2026, $....... in fiscal year 2027, and $0 in fiscal year 2028
13.12and thereafter.
13.13Sec. 14. EFFECTIVE DATE.
13.14 Sections 1 to 4 and 6 to 13 are effective the day following final enactment. Section 5 is
13.15effective the day after the Secure Choice retirement program board of directors opens the
13.16Secure Choice retirement savings program for enrollment of covered employees.
13Sec. 14.
REVISOR BD H0782-1HF782 FIRST ENGROSSMENT