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MI SB0807
Bill
AI Summary
- 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 or more employees who have been in business at least 730 days and have not offered a retirement plan in the preceding 2 years to participate in the program
- Establishes a Secure Retirement Savings Board as trustee of the fund, with responsibility for investment management, selecting vendors, and setting contribution rates (default maximum not to exceed 15% of wages)
- Imposes penalties on employers who fail to enroll employees: $250 per employee for the first calendar year and $500 per employee for subsequent years of non-compliance
- Must be implemented within 24 months of the act's effective date and is contingent on Senate Bill No. 808 also being enacted into law
Legislative Description
Retirement: other; retirement program for certain nonpublic employees to participate in a benefit plan; create, and provide oversight. Creates new act. TIE BAR WITH: SB 0808'26
Retirement: pension oversight
Last Action
Referred To Committee On Labor
2/26/2026
Committee Referrals
Labor2/26/2026
Full Bill Text
No bill text available