MN SF9

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

Requires eligible employers (those without existing retirement plans) to either participate in the MERP or automatically enroll eligible employees (those working 500+ hours annually and age 18+) in the IRAP with payroll deduction contributions.

Creates a seven-member board of directors to oversee program administration, with members appointed by the Minnesota State Retirement System, State Board of Investment, Legislative Commission on Pensions and Retirement, and the governor; board duties include establishing contribution rates, investment options, and ensuring compliance with federal law.

Employees maintain 100% vesting in their accounts and can direct investments from a diversified array of funds selected by the State Board of Investment; provides distribution options including direct rollovers and annuity purchases.

Limits annual administrative expenses to 1% of total trust balance and shields employers and the state from liability for investment performance; enforcement authority granted to the Minnesota attorney general with penalties for non-compliance deposited to the program.