Retirement Savings Act

This act creates a state-administered retirement savings program for private-sector workers who lack an employer-sponsored plan, funded through automatic payroll deductions at contribution rates the program sets. It establishes a governing board with defined powers and duties, provides for a program manager to handle day-to-day administration and investments, and creates a dedicated special fund to hold program money. The act also shields participating employers and the state from liability for program outcomes, protects the confidentiality of participant and account information, and provides for rulemaking, audits, annual reporting, civil actions, and penalties.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.