An Act to encourage retirement planning

This bill establishes the Massachusetts Secure Choice Savings Program, a state-run initiative designed to help private-sector employees save for retirement through automatic payroll deductions. It creates a new board to administer the program and defines eligibility for employers, which must have at least five employees, operate for two years, and not currently offer a qualified retirement plan. The program allows eligible workers to automatically enroll in an Individual Retirement Account (IRA), with contributions deducted directly from their paychecks and held in a separate trust fund that is not considered state property. Employers participating in the program are required to facilitate these payroll deductions, while the state provides the administrative framework to make retirement savings more accessible and portable for workers.