MS HB216

Establishes the Mississippi Secure Choice Savings Program, a state-sponsored automatic enrollment payroll deduction Individual Retirement Account (IRA) for private-sector employees whose employers do not offer retirement plans.

Creates the Mississippi Secure Choice Savings Board with five members, including the State Treasurer (chair), State Fiscal Officer, and three Governor-appointed representatives, to administer the program and establish investment options.

Requires employers with 25+ employees and those in business for 2+ years without existing retirement plans to automatically enroll employees starting in 2022, with all employees enrolled by December 31, 2024; employees may opt out or select alternative contribution rates.

Sets default employee contribution rate between 3-6% of wages and establishes a life-cycle target-date fund as the default investment option unless the board designates a secure return fund instead.

Imposes penalties on non-compliant employers of $250 per employee per year for initial violations and $500 per employee per year for subsequent violations, enforced by the Department of Revenue; confirms the state has no liability for retirement benefit payments under the program.