IA HF2373

Establishes the Iowa Retirement Savings Plan Trust to provide retirement savings opportunities for employees age 18+ who work at least 120 days for Iowa employers with 5 or more employees that have operated for at least 2 years

Designates the State Treasurer as trustee with authority to administer the trust, enter contracts, invest funds, engage investment advisors, and make distributions to participants

Creates automatic enrollment for eligible employees with a default contribution rate of 5% of wages, though employees may opt out or adjust their contribution rate at any time

Requires employers to remit employee contributions within 30 days of payroll deduction and imposes civil penalties of $100-$5,000 for employer violations, with willful violations constituting a simple misdemeanor

Establishes an administrative fund and program fund to manage costs and participant contributions, with the trust designed to qualify under Internal Revenue Code requirements for tax-advantaged retirement savings