MS HB117

Creates the Mississippi Work and Save Program, a state-sponsored retirement savings program allowing employers without existing retirement plans to offer employees voluntary Roth IRA contributions through payroll deduction.

Establishes the Mississippi Work and Save Board in the Office of the State Treasurer with nine members appointed by the Governor and Lieutenant Governor to design, implement, and administer the program.

Sets default investment structure as a Roth IRA with target date fund and 5% contribution rate (adjustable to 3-6%), with participants able to opt out, choose traditional IRA, or adjust contribution rates up to 8% annually.

Caps annual program fees and expenses at 0.75% of total assets (except during 3-year startup period) and establishes the Mississippi Work and Save Administrative Fund to cover program costs through legislative appropriations, fees, and grants.

Provides liability protections for employers and the state, requires confidentiality of participant information, and mandates program implementation within 24 months with penalties of $250-$500 per employee annually for non-compliant employers.