MS SB2861

Establishes the Mississippi Work and Save Program, a state-sponsored retirement savings program administered by the State Treasurer that allows private employers without existing retirement plans to offer employees voluntary payroll deduction Individual Retirement Accounts (IRAs).

Requires the standard package to be a Roth IRA with a target date fund and an initial 5% contribution rate (unless State Treasurer specifies 3%, 4%, or 6%), with employees able to opt-out, choose alternative investments, or adjust contribution rates.

Limits total program fees and expenses to 0.75% of total assets annually (except during a 3-year start-up period), with the State Treasurer managing investments to minimize costs through economies of scale and cooperation with other states' retirement programs.

Provides liability protection for employers and the state, establishing that employers are not fiduciaries and bear no responsibility for investment performance, employee participation decisions, or tax compliance; participants own all contributions and earnings with no state proprietary interest.

Creates the Mississippi Work and Save Administrative Fund in the State Treasury to be funded through legislative appropriations, fees, gifts, grants, and program revenues, with individuals able to begin contributing no later than 24 months after the bill's effective date of July 1, 2025.