MA H1226

Creates the Secure Choice Retirement Savings Board, a 7-member body chaired by the Treasurer, to establish and administer two retirement savings programs for Massachusetts workers without employer-sponsored retirement plans

Requires eligible employers (private sector, for-profit and non-profit) to automatically enroll employees working 750+ hours annually in the Individual Retirement Account Program (IRAP), unless the employer already offers a qualified retirement plan or payroll deduction IRA

Establishes a voluntary Multiple-Employer Retirement Account Program (MERP) qualified under IRC Section 401(a) that allows employer contributions and is governed by ERISA

Administrative expenses capped at 1% of total trust balance; participants are immediately vested; the Commonwealth bears no liability for benefit payments or investment performance

Phased implementation based on employer size: 100+ employees must comply within 3 months of plan opening, 50-99 employees within 6 months, and under 50 employees within 9 months; penalties up to $250 per employee for non-compliance