Loading chat...
MA S722
Bill
Status
Introduced
2/27/2025
Primary Sponsor
Salvatore DiDomenico
Click for details
AI Summary
- Creates the Massachusetts Secure Choice Savings Program, an automatic enrollment payroll deduction IRA for private-sector employees whose employers do not offer retirement plans
- Applies to employers with 5 or more employees who have been in business at least 2 years and have not offered a qualified retirement plan in the preceding 2 years
- Establishes a 7-member Massachusetts Secure Choice Savings Board, chaired by the State Treasurer, to administer the program and manage investments
- Employees are automatically enrolled but may opt out; contributions default to a Board-set rate with a life-cycle target-date fund as the default investment option
- Imposes penalties of $250 per employee per year for employers who fail to enroll eligible employees, increasing to $500 per year after initial penalty assessment
Legislative Description
To encourage retirement planning
Last Action
Accompanied a new draft, see S2987
3/12/2026
Committee Referrals
Financial Services2/27/2025
Full Bill Text
No bill text available