MN HF23

Establishes the Minnesota Secure Choice Retirement Program, a public-private partnership consisting of two plans: a Multiple Employer Retirement Plan (MERP) and an Individual Retirement Account Plan (IRAP) for private sector workers without access to employer-sponsored retirement plans.

Requires eligible employers without retirement plans to either participate in the MERP or automatically enroll eligible employees (those working 500+ hours annually) in the IRAP with payroll deduction contributions.

Creates a 7-member board of directors to oversee the program, including representatives from the Minnesota State Retirement System, State Board of Investment, and members with expertise in retirement plan administration and investments.

Limits annual administrative expenses to 1% of total trust balance and provides that accounts are 100% vested at all times with employees able to direct investments from a diversified array of funds.

Establishes that the state has no liability for investment performance or benefit amounts, and employers have no fiduciary responsibility beyond timely contribution remittance and employee information distribution.