WV HB2849

Establishes the West Virginia Secure Choice Retirement Program requiring employers with 5 or more employees who do not offer a retirement plan to automatically enroll workers in state-administered individual retirement accounts (IRAs)

Creates a 7-member board of directors to oversee the program, with members appointed by the Governor and Legislative Commission on Pensions and Retirement, responsible for setting contribution rates, investment options, and administrative procedures

Requires employee contributions to be made on an after-tax (Roth) basis by default, with option to switch to pretax contributions; employees can opt out, change contribution rates, or cease contributions at any time and are 100% vested immediately

Transfers $5,000,000 from the Legislature's General Revenue fund to establish the Secure Choice administrative fund, with program operations to begin no earlier than January 1, 2026 and full implementation within two years

Shields the state, covered employers, and fiduciaries from liability for investment losses or employee decisions, while authorizing civil penalties against employers who fail to comply with enrollment and contribution remittance requirements