MN HF472

Establishes the Minnesota Secure Choice Retirement Program as a public-private partnership to provide retirement savings options for private sector workers without workplace retirement plans.

Creates two plan types: a Secure Choice Multiple Employer Retirement Plan (MERP) as a qualified defined contribution plan, and a Secure Choice Individual Retirement Account Plan (IRAP) as a payroll deduction arrangement.

Requires eligible employers without existing retirement plans to either participate in the MERP or automatically enroll eligible employees in the IRAP, with employees able to opt out.

Establishes a seven-member board of directors to administer the program, including representatives from the Minnesota State Retirement System, State Board of Investment, and appointments by the governor and Legislative Commission on Pensions and Retirement.

Limits annual administrative expenses to one percent of total trust balance and provides employees with 100% vesting, direct investment control, and distribution options including annuity purchases.