1.1 A bill for an act
1.2 relating to retirement; establishing the Minnesota Secure Choice retirement
1.3 program; proposing coding for new law as Minnesota Statutes, chapter 187.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. [187.01] MINNESOTA SECURE CHOICE RETIREMENT PROGRAM;
1.6CITATION.
1.7 This chapter shall be known as and may be cited as the "Minnesota Secure Choice
1.8Retirement Program Act."
1.9 Sec. 2. [187.02] STATEMENT OF PURPOSE.
1.10 The state of Minnesota creates and establishes a public-private partnership model known
1.11as the "Minnesota Secure Choice retirement program" for privately employed workers to
1.12save for retirement for the following reasons:
1.13 (1) for millions of Americans, including hundreds of thousands of Minnesotans, a secure
1.14retirement is not attainable, with the median retirement account balance being $3,000 for
1.15all working-age households and $12,000 for near-retirement-age households;
1.16 (2) Americans who do not have access to a retirement savings plan through their
1.17workplace are more likely to rely on Social Security as their only source of retirement
1.18income;
1.19 (3) in Minnesota, the average monthly Social Security benefit is $1,600, with nearly 14
1.20percent of seniors relying on Social Security for 90 percent of their income;
1Sec. 2.
S0413-1 1st EngrossmentSF413 REVISOR BD
SENATE
STATE OF MINNESOTA
S.F. No. 413NINETY-THIRD SESSION
(SENATE AUTHORS: PAPPAS, Murphy and Frentz)
OFFICIAL STATUSD-PGDATE
Introduction and first reading29601/19/2023
Referred to State and Local Government and Veterans
Comm report: To pass as amended and re-refer to Labor03/06/2023 2.1 (4) increased retirement savings can save Minnesota taxpayers an estimated $258,000,000
2.2over a span of ten years in Medicaid savings alone; and
2.3 (5) research has shown that offering workers a way to save through their job increases
2.4their ability to save dramatically and promotes individual responsibility and financial
2.5freedom.
2.6 Sec. 3. [187.03] DEFINITIONS.
2.7 Subdivision 1.Applicability.For purposes of this chapter, the terms defined in this
2.8section have the meanings given them.
2.9 Subd. 2.Board."Board" means the board of directors of the program.
2.10 Subd. 3.Compensation."Compensation" means compensation within the meaning of
2.11Section 219(f)(1) of the Internal Revenue Code that is received by a covered employee from
2.12a covered employer.
2.13 Subd. 4.Contribution rate."Contribution rate" means the percentage of compensation
2.14withheld from a covered employee's compensation and deposited in an account established
2.15for the covered employee under the program.
2.16 Subd. 5.Covered employee.(a) "Covered employee" means a person who is employed
2.17by a covered employer and who satisfies any other criteria established by the board.
2.18 (b) Covered employee does not include:
2.19 (1) a person who, on December 31 of the preceding calendar year, was younger than 18
2.20years of age;
2.21 (2) a person covered under the federal Railway Labor Act, as amended, United States
2.22Code, title 45, sections 151 et seq.;
2.23 (3) a person on whose behalf an employer makes contributions to a Taft-Hartley
2.24multiemployer pension trust fund; or
2.25 (4) a person employed by the government of the United States, another country, the state
2.26of Minnesota, another state, or any subdivision thereof.
2.27 Subd. 6.Covered employer.(a) "Covered employer" means a person or entity:
2.28 (1) engaged in a business, industry, profession, trade, or other enterprise in Minnesota,
2.29whether for profit or not for profit;
2.30 (2) that employs one or more covered employees; and
2Sec. 3.
S0413-1 1st EngrossmentSF413 REVISOR BD 3.1 (3) that does not sponsor or contribute to and did not in the immediately preceding 12
3.2months sponsor or contribute to a retirement savings plan for its employees.
3.3 (b) Covered employer does not include:
3.4 (1) an employer that has not engaged in a business, industry, profession, trade, or other
3.5enterprise in Minnesota, whether for profit or not for profit, at any time during the
3.6immediately preceding 12 months; and
3.7 (2) a state or federal government or any political subdivision thereof.
3.8 Subd. 7.Executive director."Executive director" means the chief executive and
3.9administrative head of the program.
3.10 Subd. 8.Internal Revenue Code."Internal Revenue Code" means the Internal Revenue
3.11Code of 1986, as amended, United States Code, title 26.
3.12 Subd. 9.Program."Program" means the Minnesota Secure Choice retirement program.
3.13 Subd. 10.Retirement savings plan."Retirement savings plan" means a plan or program
3.14offered by an employer that permits contributions to be set aside for retirement on a pre-tax
3.15or after-tax basis and permits all employees of the employer to participate except those
3.16employees who have not satisfied participation eligibility requirements that are no more
3.17restrictive than the eligibility requirements permitted under section 410(b) of the Internal
3.18Revenue Code. Retirement savings plan includes but is not limited to a plan described in
3.19section 401(a) of the Internal Revenue Code, an annuity plan or annuity contract described
3.20in section 403(a) or 403(b) of the Internal Revenue Code, a plan within the meaning of
3.21section 457(b) of the Internal Revenue Code, a simplified employee pension (SEP) plan, a
3.22savings incentive match plan for employees (SIMPLE) plan, an automatic enrollment payroll
3.23deduction individual retirement account, and a multiemployer pension plan described in
3.24section 414(f) of the Internal Revenue Code.
3.25 Subd. 11.Secure Choice administrative fund."Secure Choice administrative fund"
3.26or "administrative fund" means the fund established under section 187.06, subdivision 2.
3.27 Subd. 12.Secure Choice trust or trust."Secure Choice trust" or "trust" means a trust
3.28established under section 187.06, subdivision 1, to hold contributions and investment earnings
3.29thereon under the program.
3.30 Subd. 13.Roth IRA."Roth IRA" means an individual retirement account established
3.31under section 408A of the Internal Revenue Code to hold and invest after-tax assets.
3Sec. 3.
S0413-1 1st EngrossmentSF413 REVISOR BD 4.1 Subd. 14.Traditional IRA."Traditional IRA" means an individual retirement account
4.2established under section 408 of the Internal Revenue Code to hold and invest pre-tax assets.
4.3 Sec. 4. [187.05] SECURE CHOICE RETIREMENT PROGRAM.
4.4 Subdivision 1.Program established.(a) No later than October 1, 2024, the board must
4.5begin operation of an employee retirement savings program whereby employee payroll
4.6deduction contributions are transmitted on an after-tax or pre-tax basis by covered employers
4.7to individual retirement accounts established under the program.
4.8 (b) The board must establish procedures for opening a Roth IRA, a traditional IRA, or
4.9both a Roth IRA and a traditional IRA for each covered employee whose covered employer
4.10transmits employee payroll deduction contributions under the program.
4.11 (c) Contributions must be made on an after-tax (Roth) basis, unless the covered employee
4.12elects to contribute on a pre-tax basis.
4.13 (d) The board may open the program in phases, but the last phase must be opened no
4.14later than two years after the opening of the first phase.
4.15 Subd. 2.Compliance with Internal Revenue Code.Each Roth IRA and traditional
4.16IRA opened under the program must be established and administered in compliance with
4.17section 408A or 408 of the Internal Revenue Code, as applicable, for the benefit of the
4.18covered employee for whom the account was opened.
4.19 Subd. 3.Contributions held in trust.Employee payroll deduction contributions must
4.20be transmitted by each covered employer to an account established for the benefit of the
4.21covered employee in a trust established to hold contributions under the program.
4.22 Subd. 4.Contribution rate.The board must establish default, minimum, and maximum
4.23contribution rates and an auto-escalation schedule whereby each covered employee's
4.24contribution rate automatically increases from year to year until it reaches a maximum
4.25contribution rate, subject to the covered employee's election to change the contribution rate
4.26or opt out or cease contributions.
4.27 Subd. 5.Vesting.Covered employees must at all times be 100 percent vested in their
4.28accounts.
4.29 Subd. 6.Withdrawals and distributions.The board must establish alternatives
4.30permitting covered employees to take a withdrawal of all or a portion of the covered
4.31employee's account while employed and one or more distributions following termination
4.32of employment. Distribution alternatives must include lifetime income options.
4Sec. 4.
S0413-1 1st EngrossmentSF413 REVISOR BD 5.1 Subd. 7.Individuals not employed by a covered employer.The board may allow
5.2individuals to open and contribute to an account in the program outside of an employment
5.3relationship with a covered employer, in which case the individual shall be considered a
5.4covered employee for purposes of sections 187.05 to 187.12.
5.5 Sec. 5. [187.06] ESTABLISHMENT OF SECURE CHOICE TRUST AND
5.6ADMINISTRATIVE FUND; EMPLOYEE ACCOUNTS; INVESTMENTS.
5.7 Subdivision 1.Secure Choice trust established.The Secure Choice trust is established
5.8as an instrumentality of the state of Minnesota to hold employee payroll deduction
5.9contributions and earnings thereon. The board must appoint a financial institution to act as
5.10trustee or custodian. Trust assets must be managed and administered for the exclusive
5.11purposes of providing benefits and defraying reasonable expenses of administering the
5.12program.
5.13 Subd. 2.Secure Choice administrative fund established.(a) The Secure Choice
5.14administrative fund is established in the state treasury as a fund separate and apart from the
5.15Secure Choice trust.
5.16 (b) The board must use money in the administrative fund to pay for administrative
5.17expenses of administering the program. The board must determine which administrative
5.18expenses will be paid using money in the administrative fund and which will be paid using
5.19money in the trust in the exercise of its fiduciary duty.
5.20 (c) The administrative fund may receive any gifts, grants, donations, loans, appropriations,
5.21or other moneys designated for the administrative fund from the state of Minnesota, any
5.22unit of federal or local government, any other entity, or any person.
5.23 (d) Any interest or investment earnings that are attributable to money in the administrative
5.24fund must be deposited into the administrative fund.
5.25 Subd. 3.Individual accounts established.The trustee or custodian, as applicable, must
5.26maintain an account for employee payroll deduction contributions with respect to each
5.27covered employee. Interest, earnings, and losses shall be allocated to accounts as prescribed
5.28by the board.
5.29 Subd. 4.Investments.Each covered employee is entitled to direct the investment of the
5.30contributions credited to the covered employee's account in the trust and earnings thereon.
5.31The board must make available for investment a diversified array of investment funds
5.32selected by the State Board of Investment. Members of the board, the executive director of
5Sec. 5.
S0413-1 1st EngrossmentSF413 REVISOR BD 6.1the State Board of Investment, and all other fiduciaries are relieved of fiduciary responsibility
6.2for investment losses resulting from a covered employee's investment directions.
6.3 Subd. 5.Default investment fund.The board must designate a default investment fund
6.4that is diversified to minimize the risk of large losses and consists of target date funds, a
6.5balanced fund, a capital preservation fund, or any combination of the foregoing funds.
6.6Accounts for which no investment direction has been given by the covered employee must
6.7be invested in the default investment fund. Members of the board, the executive director of
6.8the State Board of Investment, and all other fiduciaries are relieved of fiduciary duty with
6.9regard to investment of assets in the default investment fund.
6.10 Subd. 6.Inalienability of accounts.No account under the program is subject to
6.11assignment or alienation, either voluntarily or involuntarily, or to the claims of creditors,
6.12except as provided in section 518.58.
6.13 Subd. 7.Accounts not property of the state of Minnesota or covered employers.The
6.14assets of the Secure Choice trust shall at all times be preserved, invested, and expended
6.15solely for the purposes of the trust and no property rights therein shall exist in favor of the
6.16state of Minnesota or any covered employer. The assets of the Secure Choice trust shall not
6.17be transferred or used by the state of Minnesota for any purpose other than the purposes of
6.18the trust, including reasonable administrative expenses of the program. Amounts deposited
6.19in the trust shall not constitute property of the state of Minnesota and shall not be commingled
6.20with state funds, and the state of Minnesota shall have no claim to or against, or interest in,
6.21the assets of the Secure Choice trust.
6.22 Sec. 6. [187.07] RESPONSIBILITIES OF COVERED EMPLOYERS.
6.23 Subdivision 1.Requirement to enroll employees.Each covered employer must enroll
6.24its covered employees in the program and withhold payroll deduction contributions from
6.25each covered employee's paycheck, unless the covered employee has elected not to contribute.
6.26The board must establish penalties for covered employers for failing to enroll covered
6.27employees.
6.28 Subd. 2.Remitting contributions.A covered employer must timely remit contributions
6.29as required by the board. The board must establish penalties for covered employers for
6.30failing to timely remit contributions.
6.31 Subd. 3.Distribution of information.Covered employers must provide information
6.32prepared by the board to all covered employees regarding the program. The information
6.33must be provided to each covered employee at least 30 days prior to the date of the first
6Sec. 6.
S0413-1 1st EngrossmentSF413 REVISOR BD 7.1paycheck from which employee contributions could be deducted for transmittal to the
7.2program, if the covered employee does not elect to opt out of the program.
7.3 Subd. 4.No fiduciary responsibility.Except for the responsibilities described in
7.4subdivisions 1 to 3, a covered employer has no obligations to covered employees and is not
7.5a fiduciary for any purpose under the program or in connection with the Secure Choice
7.6trust. Covered employers do not bear responsibility for the administration, investment
7.7performance, plan design, or benefits paid to covered employees.
7.8 Subd. 5.Employer liability.A covered employer is not liable to a covered employee
7.9for damages alleged to have resulted from a covered employee's participation in or failure
7.10to participate in the program.
7.11 Subd. 6.Enforcement.The Minnesota attorney general has the power to enforce the
7.12provisions of this chapter. The attorney general may impose, after due process, monthly or
7.13quarterly penalties as established by the board against any covered employer that fails to
7.14comply with this section. Proceeds of such penalties, after deducting enforcement expenses,
7.15must be deposited in the Secure Choice administrative fund and are appropriated to the
7.16program.
7.17 Sec. 7. [187.08] SECURE CHOICE RETIREMENT PROGRAM BOARD OF
7.18DIRECTORS.
7.19 Subdivision 1.Membership.The policy-making function of the program is vested in a
7.20board of directors consisting of seven members as follows:
7.21 (1) the executive director of the Minnesota State Retirement System or the executive
7.22director's designee;
7.23 (2) the executive director of the State Board of Investment or the executive director's
7.24designee;
7.25 (3) three members chosen by the Legislative Commission on Pensions and Retirement,
7.26one from each of the following experience categories:
7.27 (i) executive or operations manager with substantial experience in record keeping 401(k)
7.28plans;
7.29 (ii) executive or operations manager with substantial experience in individual retirement
7.30accounts; and
7.31 (iii) executive or other professional with substantial experience in retirement plan
7.32investments;
7Sec. 7.
S0413-1 1st EngrossmentSF413 REVISOR BD 8.1 (4) a human resources or retirement benefits executive from a private company with
8.2substantial experience in administering the company's 401(k) plan, appointed by the governor;
8.3and
8.4 (5) a small business owner or executive appointed by the governor.
8.5 Subd. 2.Appointment.Members appointed by the governor must be appointed as
8.6provided in section 15.0597.
8.7 Subd. 3.Deadline for first appointments and first board meeting.(a) The appointing
8.8authorities must make their first appointments to the board by January 15, 2024.
8.9 (b) The board must hold its first meeting by March 1, 2024.
8.10 Subd. 4.Membership terms.(a) Board members serve for two-year terms, except for
8.11the executive directors of the Minnesota State Retirement System and the State Board of
8.12Investment, who serve indefinitely.
8.13 (b) Board members' terms may be renewed, but no member may serve more than two
8.14consecutive terms.
8.15 Subd. 5.Resignation; removal; vacancies.(a) A board member may resign at any time
8.16by giving written notice to the board.
8.17 (b) A board member may be removed by the appointing authority and a majority vote
8.18of the board following notice and hearing before the board. For purposes of this subdivision,
8.19the chair may invite the appointing authority or a designee of the appointing authority to
8.20serve as a voting member of the board if necessary to constitute a quorum.
8.21 (c) If a vacancy occurs, the Legislative Commission on Pensions and Retirement or the
8.22governor, as applicable, shall appoint a new member within 90 days.
8.23 Subd. 6.Compensation.Public members are compensated and expenses reimbursed as
8.24provided under section 15.0575, subdivision 3.
8.25 Subd. 7.Chair.(a) The Legislative Commission on Pensions and Retirement must
8.26designate one of the members of the board as acting chair for the first meeting.
8.27 (b) The board shall select a chair to replace the acting chair at the first meeting.
8.28 Subd. 8.Duties.In addition to the duties set forth elsewhere in this chapter, the board
8.29has the following duties:
8.30 (1) to appoint an executive director, determine the duties of the executive director, and
8.31set the compensation of the executive director;
8Sec. 7.
S0413-1 1st EngrossmentSF413 REVISOR BD 9.1 (2) to establish secure processes for enrolling covered employees in the program and
9.2for transmitting employee and employer contributions to accounts within the trust;
9.3 (3) to prepare a budget and establish procedures for the payment of costs of administering
9.4and operating the program;
9.5 (4) to lease or otherwise procure office space and equipment necessary to operate the
9.6program;
9.7 (5) to procure insurance in connection with the property of the program and the activities
9.8of the board, executive director, and other staff;
9.9 (6) to determine the following:
9.10 (i) any criteria for "covered employee" other than employment with a covered employer
9.11under section 187.03, subdivision 5;
9.12 (ii) contribution rates and an auto-escalation schedule under section 187.05, subdivision
9.134;
9.14 (iii) withdrawal and distribution options under section 187.05, subdivision 6;
9.15 (iv) the default investment fund under section 187.06, subdivision 5; and
9.16 (v) penalties for failure to timely transmit contributions and for failure to enroll covered
9.17employees under section 187.07, subdivisions 1 and 2, respectively;
9.18 (7) to keep annual administrative fees, costs, and expenses as low as possible:
9.19 (i) except that any administrative fee assessed against the accounts of covered employees
9.20may not exceed a reasonable amount relative to the fees charged by auto-IRA or defined
9.21contribution programs of similar size in the state of Minnesota or another state; and
9.22 (ii) the fee may be asset-based, flat fee, or a hybrid combination of asset-based and flat
9.23fee;
9.24 (8) to determine the eligibility of an employer, employee, or other individual to participate
9.25in the program and review and decide claims for benefits and make factual determinations;
9.26 (9) to prepare information regarding the program that is clear and concise for
9.27dissemination to all covered employees and includes the following:
9.28 (i) the benefits and risks associated with participating in the program;
9.29 (ii) procedures for enrolling in the program and opting out of the program, electing a
9.30different or zero percent employee contribution rate, making investment elections, applying
9.31for a distribution of employee accounts, and making a claim for benefits;
9Sec. 7.
S0413-1 1st EngrossmentSF413 REVISOR BD 10.1 (iii) the federal and state income tax consequences of participating in the program, which
10.2may consist of or include the disclosure statement required to be distributed by retirement
10.3plan trustees or custodians under the Internal Revenue Code and the Treasury Regulations
10.4thereunder;
10.5 (iv) how to obtain additional information on the program; and
10.6 (v) disclaimers of covered employer and state responsibility, including the following
10.7statements:
10.8 (A) covered employees seeking financial, investment, or tax advice should contact their
10.9own advisors;
10.10 (B) neither covered employers nor the state of Minnesota are liable for decisions covered
10.11employees make regarding their account in the program;
10.12 (C) neither a covered employer nor the state of Minnesota guarantees the accounts in
10.13the program or any particular investment rate of return; and
10.14 (D) neither a covered employer nor the state of Minnesota monitors or has an obligation
10.15to monitor any covered employee's eligibility under the Internal Revenue Code to make
10.16contributions to an account in the program, or whether the covered employee's contributions
10.17to an account in the program exceed the maximum permissible contribution under the
10.18Internal Revenue Code;
10.19 (10) to publish an annual financial report, prepared according to generally accepted
10.20accounting principles, on the operations of the program, which must include but not be
10.21limited to costs attributable to the use of outside consultants, independent contractors, and
10.22other persons who are not state employees and deliver the report to the chairs and ranking
10.23minority members of the legislative committees with jurisdiction over jobs and economic
10.24development and state government finance, the executive directors of the State Board of
10.25Investment and the Legislative Commission on Pensions and Retirement, and the Legislative
10.26Reference Library;
10.27 (11) to publish an annual report regarding plan outcomes, progress toward savings goals
10.28established by the board, statistics on covered employees and participating employers, plan
10.29expenses, estimated impact of the program on social safety net programs, and penalties and
10.30violations and deliver the report to the chairs and ranking minority members of the legislative
10.31committees with jurisdiction over jobs and economic development and state government
10.32finance, the executive directors of the State Board of Investment and the Legislative
10.33Commission on Pensions and Retirement, and the Legislative Reference Library;
10Sec. 7.
S0413-1 1st EngrossmentSF413 REVISOR BD 11.1 (12) to adopt rules to implement the program;
11.2 (13) to file all reports required under the Internal Revenue Code or chapter 290;
11.3 (14) to, at the board's discretion, seek and accept gifts, grants, and donations to be used
11.4for the program, unless such gifts, grants, or donations would result in a conflict of interest
11.5relating to the solicitation of service provider for program administration, and deposit such
11.6gifts, grants, or donations in the Secure Choice administrative fund;
11.7 (15) to, at the board's discretion, seek and accept appropriations from the state of
11.8Minnesota or loans from the state or any agency of the state;
11.9 (16) to assess the feasibility of partnering with another state or a governmental subdivision
11.10of another state to administer the program through shared administrative resources and, if
11.11determined beneficial, enter into contracts, agreements, memoranda of understanding, or
11.12other arrangements with any other state or an agency or subdivision of any other state to
11.13administer, operate, or manage any part of the program, which may include combining
11.14resources, investments, or administrative functions;
11.15 (17) to hire, retain, and terminate third-party service providers as the board deems
11.16necessary or desirable for the program, including but not limited to the trustees, consultants,
11.17investment managers or advisors, custodians, insurance companies, recordkeepers,
11.18administrators, consultants, actuaries, legal counsel, auditors, and other professionals,
11.19provided that each service provider is authorized to do business in the state of Minnesota;
11.20 (18) to interpret the program's governing documents and this chapter and make all other
11.21decisions necessary to administer the program; and
11.22 (19) to conduct comprehensive worker education and outreach regarding the program
11.23that reflect the cultures and languages of the state's diverse workforce population, which
11.24may, in the board's discretion, include collaboration with state and local government agencies,
11.25community-based and nonprofit organizations, foundations, vendors, and other entities
11.26deemed appropriate to develop and secure ongoing resources.
11.27 Subd. 9.Conflict of interest; economic interest statement.No member of the board
11.28may participate in deliberations or vote on any matter before the board that will or is likely
11.29to result in direct, measurable economic gain to the member or the member's family. Members
11.30of the board shall file with the Campaign Finance and Public Disclosure Board an economic
11.31interest statement in a manner as prescribed by section 10A.09, subdivisions 5 and 6.
11Sec. 7.
S0413-1 1st EngrossmentSF413 REVISOR BD 12.1 Sec. 8. [187.09] FIDUCIARY DUTY; STANDARD OF CARE.
12.2 (a) The members of the board, the executive director of the program, the executive
12.3director and members of the State Board of Investment, and any person who controls the
12.4disposition or investment of the assets of the Secure Choice trust:
12.5 (1) owe a fiduciary duty to the covered employees who participate in the program and
12.6their beneficiaries;
12.7 (2) must administer the program solely for the exclusive benefit of such covered
12.8employees and their beneficiaries, and for the exclusive purpose of providing benefits and
12.9paying reasonable plan expenses;
12.10 (3) are subject to the standard of care established in section 356A.04, subdivision 2; and
12.11 (4) are indemnified and held harmless by the state of Minnesota for the reasonable costs,
12.12expenses, or liability incurred as a result of any actual or threatened litigation or
12.13administrative proceeding arising out of the performance of the person's duties.
12.14 (b) Except as otherwise established in this chapter, the fiduciaries under paragraph (a)
12.15owe no other duty to covered employees, express or implied, in common law or otherwise.
12.16Sec. 9. [187.10] NO STATE LIABILITY.
12.17 The state of Minnesota has no liability for the payment of, the amount of, or losses to
12.18any benefit to any participant in the program.
12.19Sec. 10. [187.11] OTHER STATE AGENCIES TO PROVIDE ASSISTANCE.
12.20 (a) The board may enter into intergovernmental agreements with the commissioner of
12.21revenue, the commissioner of labor and industry, and any other state agency that the board
12.22deems necessary or appropriate to provide outreach, technical assistance, or compliance
12.23services. Any agency that enters into an intergovernmental agreement with the board pursuant
12.24to this section must collaborate and cooperate with the board to provide the outreach,
12.25technical assistance, or compliance services under any such agreement.
12.26 (b) The commissioner of revenue, the commissioner of labor and industry, and any other
12.27state agency must provide information and data on employees, employers, and corporations
12.28doing business in the state of Minnesota, upon the request of the board or executive director.
12.29The state agency providing the information or data may require that the board or executive
12.30director comply with confidentiality requirements as a condition to providing such
12.31information or data.
12Sec. 10.
S0413-1 1st EngrossmentSF413 REVISOR BD 13.1 (c) The commissioner of administration must provide an office suite in the Capitol group
13.2of buildings in which will reside the executive director and staff of the program.
13.3 Sec. 11. [187.12] SEVERABILITY.
13.4 If any provision of this chapter is found to be unconstitutional and void, the remaining
13.5provisions of this chapter are valid.
13.6 Sec. 12. BOARD SUPPORT UNTIL APPOINTMENT OF EXECUTIVE DIRECTOR.
13.7 With the assistance of the Legislative Coordinating Commission, the executive director
13.8of the Legislative Commission on Pensions and Retirement must:
13.9 (1) provide notice to members of the board regarding the first meeting of the board and
13.10work with the chair designated under Minnesota Statutes, section 187.08, subdivision 7, to
13.11determine the agenda and provide meeting support; and
13.12 (2) serve as the interim executive director to assist the board until the board completes
13.13the search, recruitment, and interview process and appoints the executive director under
13.14Minnesota Statutes, section 187.08, subdivision 8, clause (1).
13.15Sec. 13. APPROPRIATION.
13.16 $....... in fiscal year 2024 and $....... in fiscal year 2025 are appropriated from the general
13.17fund to the Secure Choice administrative fund for the purpose of establishing and
13.18administering the Secure Choice retirement program.
13.19Sec. 14. EFFECTIVE DATE.
13.20 Sections 1 to 5 and 7 to 13 are effective the day following final enactment. Section 6 is
13.21effective the day after the Secure Choice retirement program board of directors opens the
13.22Secure Choice retirement savings program for enrollment of covered employees.
13Sec. 14.
S0413-1 1st EngrossmentSF413 REVISOR BD