MS SB2885

Creates the Mississippi Work and Save Program, a state-sponsored retirement savings program allowing private-sector employers who do not offer retirement plans to provide employees with voluntary payroll deduction contributions to Roth IRA accounts

Applies to covered employers engaged in business in Mississippi who have not maintained a tax-favored retirement plan within the current or preceding two calendar years; employers with existing 401(k), 403(b), SEP, or SIMPLE-IRA plans are exempt

Establishes a default contribution structure using Roth IRAs with target date fund investments, with participants able to opt out, change contribution rates, or select alternative investments subject to IRS contribution limits

Places administration under the State Treasurer, who must act as a fiduciary, keep total annual fees below 0.75% of program assets (after a 3-year start-up period), and may partner with other states' programs to achieve economies of scale

Protects employers and the state from liability for employee participation decisions, investment performance, or adverse tax consequences, and specifies that program assets cannot be transferred to the State General Fund