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OH SB199
Bill
Status
10/2/2013
Primary Sponsor
Eric Kearney
Click for details
AI Summary
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Creates the Ohio Secure Choice Retirement Savings Program allowing private employers with 20+ employees to offer payroll deposit retirement savings arrangements through IRAs to employees lacking employer-sponsored retirement plans.
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Establishes the Ohio Secure Choice Retirement Savings Trust managed by a 7-member Investment Board chaired by the Treasurer of State, with segregated program and administrative funds; administrative costs capped at 1% of total program fund annually.
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Requires certain employers to mandate payroll deposit arrangements for eligible employees: employers with 100+ employees within 3 months, 50+ employees within 6 months, and all others within 9 months of program launch; employees may opt out.
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Sets default employee contribution at 3% of annual salary (adjustable between 2-4%), allocates interest at a stated rate compounded daily, and prohibits state liability for program benefits while requiring private insurance to protect account values.
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Implementation contingent on board conducting market analysis confirming self-sustainability and obtaining sufficient funding from nonprofit or private entities or federal sources before program launch.
Legislative Description
To create, if certain conditions are met, the Ohio Secure Choice Retirement Savings Program under which certain private employers must offer employees a payroll deposit retirement savings arrangement, to establish the Ohio Secure Choice Retirement Savings Trust from which retirement benefits are to be paid to Program participants, and to create the Ohio Secure Choice Retirement Savings Investment Board, chaired by the Treasurer of State, to oversee the operation of the Program.
Ohio Secure Choice Retirement Savings Program-private employers offer
Last Action
To Finance
10/2/2013