NC H496

Creates the North Carolina Small Business Retirement Savings Program (North Carolina Work and Save), a payroll deduction IRA program for employees of small businesses without access to employer-sponsored retirement plans.

Establishes a 12-member Board administratively housed in the Department of Commerce to design, implement, and govern the program with private-sector investment management and administration.

Requires the program to offer Roth IRAs as the standard option with target date funds and an initial 5% contribution rate, with participants able to adjust contributions up to 8% annually and roll over accounts to other retirement plans.

Mandates employers have no liability for investment performance or participant decisions, keeps total program fees under 100 basis points annually (except during a 3-year startup period), and ensures accounts are held in trust with individual participants owning all contributions and earnings.

Appropriates $400,000 for fiscal year 2023-2024 and $600,000 for fiscal year 2024-2025 to support program startup, with implementation targeted for July 1, 2025.