H.B. No. 416 Summary

• Establishes the Ohio Retirement Savings Program, an auto-enrollment defined benefit retirement plan administered by the Public Employees Retirement Board for eligible private sector employees.

• Requires eligible employers without tax-exempt retirement programs to automatically enroll employees in payroll deductions of 3-5% of compensation, with employees able to opt-out or cease participation at any time.

• Creates the Ohio Retirement Savings Fund held by the Treasurer of State as a self-sustaining trust with segregated program and administrative accounts managed according to a conservative investment policy prioritizing capital preservation and low-risk returns.

• Exempts employers from fiduciary responsibility and liability related to the program's administration, investment performance, and benefit amounts; exempts the state from any obligation to pay benefits.

• Imposes a fine of $100 per eligible employee on employers who fail to provide the automatic contribution arrangement six months after the program becomes operational.