MS HB631

Creates the Mississippi Work and Save Program, a state-sponsored voluntary retirement savings program for private-sector employees whose employers do not offer retirement plans

Allows participating employers to offer automatic enrollment with payroll deduction contributions to Roth IRAs, with employees able to opt out at any time

Sets default contribution rate at 5% of salary (with State Treasurer authority to adjust between 3-6%) invested in target date funds, with optional annual auto-escalation up to 8%

Prohibits employer contributions and caps total program fees at 0.75% of assets annually after a 3-year startup period

Assigns the State Treasurer responsibility for program design, implementation, investment policy, and fiduciary duties while shielding employers and the state from liability for participant decisions and investment performance