HB 899 - North Carolina Work and Save

• Creates the North Carolina Small Business Retirement Savings Program, a payroll deduction IRA program for employees of small businesses and self-employed individuals without access to employer-sponsored retirement plans.

• Establishes a 12-member Board administered by the Department of Commerce with members appointed by the State Treasurer, Governor, and General Assembly to oversee program design, investment policy, and operations.

• Provides automatic enrollment in Roth IRAs with 5% default contribution rate and target-date fund investments, with employees able to adjust contribution rates (up to 8% annually) and choose traditional IRAs or different investments.

• Requires total program fees and expenses not exceed 100 basis points (1%) of total assets annually, except during a 3-year startup period; prohibits employer contributions and ensures participant ownership of all contributions and earnings.

• Appropriates $400,000 for fiscal year 2021-2022 and $600,000 for 2022-2023 to establish the program, with individuals able to begin contributing by July 1, 2023.