MI HB5461

Establishes the Michigan Secure Retirement Savings Program, an automatic enrollment payroll deduction IRA for private-sector employees whose employers do not offer qualified retirement plans.

Creates a 7-member Secure Retirement Savings Board chaired by the State Treasurer to administer the program, with members including state officials and appointees representing employers and enrollees.

Requires employers with 1+ employees continuously during the previous calendar year and at least 730 days in business to facilitate employee enrollment in the program unless they offer a qualified retirement plan.

Establishes the Secure Retirement Savings Program Fund as a trust outside the state treasury to hold individual employee retirement accounts, and the Michigan Secure Retirement Administrative Fund to cover program costs.

Imposes civil penalties on employers failing to enroll eligible employees: $250 per employee per year for initial non-enrollment and $500 per employee per year for continued non-compliance; collected penalties fund the administrative fund.