Retirement: other; retirement program for certain nonpublic employees to participate in a benefit plan; create, and provide oversight. Creates new act. TIE BAR WITH: HB 5335'25

HB 5336 establishes Michigan's Secure Retirement Savings Program, creating a state-administered retirement plan for private-sector employees whose employers don't currently offer retirement benefits. It requires qualifying employers (those without a 401(k) or similar plan for two years) to automatically enroll employees in payroll-deducted retirement savings accounts, with contributions deposited into a separate trust fund outside the state treasury. The program emphasizes portability, allowing employees to roll funds into other retirement accounts, and mandates low-cost investment options managed by a state board. It directly affects private-sector workers at small businesses or nonprofits without existing retirement plans, providing a new savings pathway without state financial risk.