MN SF413

Establishes the Minnesota Secure Choice retirement program, an automatic enrollment retirement savings system using individual retirement accounts (IRAs) for employees of covered employers with 10+ employees that don't sponsor retirement plans.

Covered employees contribute to either Roth IRAs or traditional IRAs through payroll deductions on an after-tax basis by default, with automatic annual contribution increases until reaching a board-set maximum rate.

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 plans appointed by the Legislative Commission on Pensions and Retirement and governor.

Establishes the Secure Choice trust to hold employee contributions and a separate administrative fund to cover program expenses through administrative fees on accounts; trust assets are not state property and cannot be used for other purposes.

Requires covered employers to enroll eligible employees, withhold and timely remit contributions, and distribute program information, but shields employers from fiduciary responsibility; program operations must begin by January 1, 2025, in phases completed within two years.