UT HB0250

State Treasurer's Office must establish a publicly accessible online exchange by November 2, 2026, where private employers can review, compare, and select retirement plans for employees, with full operation required by January 1, 2027

Exchange limited to two plan types: automatic-enrollment individual retirement account arrangements and automatic-enrollment 401(k) plans, both requiring automatic employee enrollment with opt-out provisions

Plan providers must apply to list on the exchange, comply with state and federal laws, maintain good regulatory standing, and submit annual reports on participation rates, total assets, average balances, and opt-out rates

Office may limit participating providers during the first 24 months based on neutral criteria, and can remove or suspend listings for non-compliance, false information, or detrimental conduct toward employers/employees

State explicitly prohibited from assuming fiduciary responsibility, acting as investment adviser, or endorsing/recommending any plan listed on the exchange