SB 513

Bill Subjects

Boards, Commissions, And Councils; Newly Created Civil Law And Procedure; Contracts And Legal Documents Financial Services; Financial Institutions Financial Services; Generally Labor And Employment; Collective Bargaining, Benefits, And Wages Local Elected Officials; Treasurers Pensions And Retirement Benefits; Public Retirement System (Inprs) State Elected Officials; Comptroller State Elected Officials; Governor

Abstract

Establishes a board to design, establish, and operate a state administered retirement program (program) that automatically enrolls specified private sector employees. Requires program compliance by certain employers that have not, in the previous two calendar years, offered a qualified retirement plan to employees. Specifies the powers and duties of the board. Specifies program requirements, including default contribution levels and program fees. Requires the board to contract with investment managers, private financial institutions, or other service providers to invest money and administer the program. Limits the liability of particular parties associated with the program. Specifies board requirements for disclosure, audits, and reports. Requires the board to adopt certain rules. Makes an appropriation.