MS HB915

Establishes the Mississippi Work and Save Program, a state-sponsored retirement savings program administered by a 9-member Mississippi Work and Save Board in the Office of the State Treasurer, allowing eligible employees of employers without existing retirement plans to contribute to IRAs through payroll deduction.

Requires the standard offering to be a Roth IRA with a target date fund and an initial 5% contribution rate (unless the board specifies 3%, 4%, or 6%), with employees able to opt out, choose traditional IRAs, or adjust contribution rates up to 8% annually subject to IRS limits.

Imposes penalties on covered employers that fail to enroll eligible employees, including $250 per employee per year for initial violations and $500 per year for subsequent years, with civil action available to recover costs and attorney's fees.

Creates the Mississippi Work and Save Administrative Fund in the State Treasury funded by legislative appropriations, grants, fees, and program investment returns; limits total annual fees and expenses to 0.75% of program assets (except during a 3-year startup period).

Provides liability protections for employers and the state for investment performance, account administration, and participant decisions; requires confidentiality of participant information except as necessary for program administration or with written consent.