MI HB4964

Authorizes public employers to automatically enroll employees in retirement plans under Internal Revenue Code sections 125, 401(k), 403(b), 408, 408A, or 457 with payroll deductions.

Requires public employers to provide written notice at least 14 days before automatic enrollment begins, including a description of benefits and the employee's right to cancel.

Protects public employers and plan officials from liability for employee investment decisions if the plan offers at least quarterly investment selection opportunities and uses qualified default investment alternatives.

Requires employers to provide employees with annual notice of default investments made on their behalf, descriptions of all available investment alternatives, and the right to cancel participation.

Effective June 27, 2014.