Relating to retirement

HB 2849 establishes the West Virginia Secure Choice Retirement Program, requiring private employers with five or more employees (who don’t already offer retirement plans) to automatically enroll workers in a state-run retirement savings program. Covered employees can choose between Roth IRAs (after-tax contributions) or traditional IRAs (pretax contributions), with default contribution rates that automatically increase annually until reaching a maximum. The program holds employee contributions in a trust, administered by a board, and complies with federal tax code rules for IRAs. It directly affects private-sector employees in West Virginia who lack employer-sponsored retirement plans, with participation mandatory for qualifying employers starting within two years.