SB2400 - Automatic Individual Retirement Account Program Act

• Creates the Automatic IRA Program, a portable retirement savings program for employees of employers with 10+ employees that have not offered a qualified retirement plan in the preceding 2 years.

• Establishes a 7-member Automatic IRA Program Board (including State Treasurer as chair) to oversee the program, invest funds, and select investment options including conservative, target-date/life-cycle, and equity funds.

• Requires eligible employers to automatically enroll employees in payroll deduction retirement savings arrangements with a default 3% contribution rate unless employees explicitly opt out.

• Creates the Automatic IRA Program Fund in the State treasury to hold individual employee accounts, with annual administrative expenses capped at 1% of total Fund balance.

• Authorizes the Department of Employment Security to enforce employer compliance through civil penalties of $250-$500 per eligible employee for non-compliance and establishes implementation within 12 months of the Act's effective date.