Establishing the West Virginia Secure Choice retirement program

HB 5150 establishes the West Virginia Secure Choice Retirement Program, a state-administered retirement savings plan for private-sector workers at eligible employers. It applies to private businesses with five or more employees that do not already offer a retirement plan, excluding government employers and workers covered by other plans. The program automatically enrolls eligible employees in a retirement account (choosing between Roth or traditional IRA options), with payroll deductions starting at a default rate that increases annually until reaching a maximum. Contributions are held in a state trust and must comply with federal IRA rules, giving employees the right to adjust their contribution rates.