IN SB0024

Establishes the Hoosier Crossroads Retirement Program, a state-administered automatic enrollment payroll deduction IRA for private sector employees, effective July 1, 2026, with enrollment beginning after December 31, 2027

Applies to employers with at least 5 employees that have been in business for at least 1 year and have not offered a qualified retirement plan in the previous 2 calendar years

Creates a 9-member Hoosier Crossroads Retirement Board within the Treasurer of State's office to design, implement, and oversee the program, with authority to contract with up to 3 investment managers

Sets default employee contribution at 5% of wages with ability to opt out or adjust; caps total annual program fees at 1% of assets for the first 3 years; establishes noncompliance fines up to $5,000 per employer annually

Limits liability for participating employers, who are not considered fiduciaries and bear no responsibility for investment decisions, program administration, or investment performance