NC H79

Creates the North Carolina Small Business Retirement Savings Program ("North Carolina Work and Save") to provide payroll-deduction IRA access for an estimated 1.7 million workers without employer-sponsored retirement plans

Establishes a 12-member Board within the Department of Commerce to govern the program, with appointments by the Governor (5), General Assembly (4), and State Treasurer (1), plus 2 non-voting advisory members

Default enrollment features a Roth IRA with 5% contribution rate and target date fund investment; employees may opt out, choose a traditional IRA, select different investments, or adjust contribution rates up to IRS limits

Applies to private-sector employers that do not already offer a qualified retirement plan; excludes government employees, employers with existing 401(k)/403(b)/SEP/SIMPLE plans, and employees covered by Railway Labor Act or Taft-Hartley funds

Appropriates $400,000 for FY 2025-2026 and $600,000 for FY 2026-2027 as startup funding, with contributions required to begin by July 1, 2027; program designed to become self-sustaining through participant fees