Senate Bill 66 Summary

• Establishes a state-assisted retirement plan to encourage Indiana residents to increase savings and build retirement assets, managed by a newly created Indiana Retirement Savings Board consisting of seven members (two ex officio and five appointed by the governor).

• Only employers that do not offer any pension or retirement system may participate; participation is voluntary for both employers and employees, with self-employed individuals also eligible to enroll.

• Participants establish separate accounts, contribute through payroll deduction or bank transfers, and direct their own investments among plan-provided alternatives; accounts are not guaranteed by the state.

• Provides a one-time tax credit not exceeding $250 in the first year for taxpayers who have never participated in a pension or retirement plan and make contributions through payroll.

• Plan must be qualified under Internal Revenue Code Section 401(a) or another applicable section; the state does not guarantee deposits or investment returns, and the plan creates no state debt or liability.