MA S2987

Creates the Massachusetts Secure Choice Savings Program, an automatic enrollment payroll deduction IRA for private-sector employees whose employers do not offer qualified retirement plans

Applies to employers with 5 or more employees who have been in business at least 2 years and have not offered a retirement plan in the preceding 2 years; employees are automatically enrolled unless they opt out

Establishes a 7-member Massachusetts Secure Choice Savings Board, chaired by the State Treasurer, to administer the program with fiduciary duties to enrollees

Requires program implementation and employee enrollment to begin within 24 months of the act's effective date, with investment options including a default life-cycle fund based on enrollee age

Imposes penalties of $250 per employee per year for employer failure to enroll eligible employees, increasing to $500 per year for continued noncompliance after initial penalty assessment