WV HB5150

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

Creates a 7-member board of directors to oversee the program, including representatives from the State Retirement System, State Board of Investment, and members with retirement plan expertise appointed by the Governor and Legislative Commission on Pensions and Retirement

Contributions are made through payroll deductions on an after-tax (Roth) basis by default, with employees having the option to choose pretax contributions, change contribution rates, or opt out entirely

Transfers $5 million from the Legislature's General Revenue fund to establish and administer the program, which must begin operations no earlier than January 1, 2026, with full implementation within two years

Employers are responsible only for enrolling employees and remitting contributions, with no fiduciary liability for investment performance or plan administration, though civil penalties may be imposed for noncompliance