NC H633

Establishes the North Carolina Voluntary Small Business Retirement Accounts Program within the Department of Commerce to provide retirement savings options for small businesses with 50 or fewer employees.

Creates a six-member Board (two appointed by Governor, two by Senate President Pro Tempore, two by House Speaker) to oversee program operations, with at least one member from each appointee group having financial industry experience in retirement.

Allows participating small employers to offer payroll deduction IRAs and other investment products to employees through a web-based portal, with no requirement for employers to participate.

Permits employees of non-participating employers to make individual deposits into program accounts without requiring employer involvement in payroll deductions.

Requires annual reporting to the Governor and legislature beginning June 30, 2018, and protects employee account information as confidential and not subject to public records disclosure; effective October 1, 2017.