MN SF2078

Commissioner of management and budget must report to legislature by January 15, 2015, on establishing a state-administered retirement savings plan for employees without access to employer retirement plans or IRAs.

Proposed plan would allow individuals to contribute to personal accounts with no state liability for investment earnings and losses.

Report must include estimates of retirement savings gaps by demographics, barriers to savings, impact on social safety net programs, number of eligible workers, federal tax law implications, and comparative advantages to private sector options.

Report must analyze administration options including investment strategies, fee structures, employer contribution methods, and risk management approaches in consultation with the State Board of Investment.

Appropriation from general fund for fiscal year ending June 30, 2014, authorized for report development, effective upon final enactment.