MI HB5336

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

Requires employers with 1+ employees who have been in business at least 730 days and have not offered a retirement plan in the past 2 years to participate in the program

Establishes the Secure Retirement Savings Board to administer the program, with implementation required within 24 months of the act's effective date

Employees are automatically enrolled unless they opt out, with default contribution rates set by the board (maximum 15% of wages) and automatic annual escalation until reaching the maximum rate

Imposes penalties on non-compliant employers: $250 per unenrolled employee for the first calendar year, increasing to $500 per employee for subsequent years of non-compliance