A bill for an act establishing a retirement savings plan trust, and including implementation provisions.

SF 185 establishes a state-run retirement savings trust for Iowa workers, automatically enrolling employees (with a 5% default contribution rate) through payroll deductions unless they opt out. It applies to workers in Iowa who are subject to state wage withholding, with employers of 5+ employees required to facilitate payroll deductions but not to contribute. The trust operates under federal guidelines, prohibits employer ownership of contributions, and includes provisions for annual account reports, confidentiality of participant data, and explicit disclaimers that the state does not guarantee returns or cover losses.