HB 1349 Summary

• Creates the Hoosier Employee Retirement Options Portal to connect small employers (100 or fewer employees) and their employees with approved retirement plans to increase retirement savings.

• Establishes a 7-member board (3 state officials plus 4 governor-appointed members with expertise in retirement plans, labor/tax law, and consumer advocacy) to design the portal, approve retirement plans, and oversee operations.

• Requires participating employers to automatically enroll qualified employees at a default 3% contribution rate, with employees able to opt out or adjust contributions; default investments must be target date funds.

• Financial services firms must be licensed in Indiana, meet federal requirements, and pay $5,000 annual fees; each must offer at least a target date fund and balanced fund as investment options.

• Portal activation requires board approval of plans from at least two financial services firms; board must adopt operational rules by January 1, 2018, with portal expenses funded through a self-sustaining administrative fund supported by firm fees and private foundation grants.