Retirement: other; retirement program for certain nonpublic employees to participate in a benefit plan; create, and provide oversight. Creates new act. TIE BAR WITH: SB 0808'26

SB 807 creates the Michigan Secure Retirement Savings Program, requiring certain employers without existing retirement plans to automatically enroll eligible employees (ages 18+ with Michigan wages) in a payroll-deducted retirement savings plan. The program establishes a separate trust fund outside the state treasury for individual retirement accounts, meeting federal IRA standards, while employers must set up payroll deductions for participation. It also creates an administrative fund to cover program costs, funded by state allocations, grants, and other sources. The law mandates automatic enrollment (with opt-out options) for employees at qualifying employers, aiming to provide low-cost, portable retirement savings for workers who lack access to employer-sponsored plans.