Did not become law. It stopped in the House of Representatives's Appropriations Committee on February 2, 2021. The 2021 session has ended.
2021 Regular Session
House Bill 704
Mississippi Secure Choice Savings Program; establish.
What it does
The synopsis the Legislature published with the bill.
AN ACT TO ESTABLISH THE MISSISSIPPI SECURE CHOICE SAVINGS PROGRAM, WHICH IS A RETIREMENT SAVINGS PROGRAM SPONSORED BY THE STATE OF MISSISSIPPI FOR CERTAIN EMPLOYERS WHO DO NOT ALREADY OFFER A RETIREMENT PLAN, IN THE FORM OF AN AUTOMATIC ENROLLMENT PAYROLL DEDUCTION INDIVIDUAL RETIREMENT ACCOUNT (IRA), FOR THE PURPOSE OF PROMOTING GREATER RETIREMENT SAVINGS FOR PRIVATE-SECTOR EMPLOYEES IN A CONVENIENT, LOW-COST AND PORTABLE MANNER; TO CREATE THE MISSISSIPPI SECURE CHOICE SAVINGS PROGRAM FUND, WHICH WILL CONSIST OF MONIES RECEIVED FROM ENROLLEES AND PARTICIPATING EMPLOYERS THROUGH AUTOMATIC PAYROLL DEDUCTIONS; TO CREATE THE MISSISSIPPI SECURE CHOICE ADMINISTRATIVE FUND TO PAY FOR THE ADMINISTRATIVE EXPENSES OF THE BOARD; TO CREATE THE MISSISSIPPI SECURE CHOICE SAVINGS BOARD, PROVIDE FOR THE MEMBERSHIP OF THE BOARD AND PRESCRIBE THE DUTIES OF THE BOARD; TO REQUIRE THE BOARD TO ENGAGE INVESTMENT MANAGERS TO INVEST THE PROGRAM FUND; TO REQUIRE THE BOARD TO ESTABLISH INVESTMENT OPTIONS FOR ENROLLEES; TO REQUIRE THE BOARD TO DESIGN AND PROVIDE TO ALL EMPLOYERS AN EMPLOYER INFORMATION PACKET AND AN EMPLOYEE INFORMATION PACKET; TO PROVIDE THAT THE PROGRAM WILL BE IMPLEMENTED AND ENROLLMENT OF EMPLOYEES WILL BEGIN IN 2023, AND REQUIRE THAT ALL EMPLOYEES BE ENROLLED AFTER DECEMBER 31, 2025; TO PROVIDE THAT THE STATE HAS NO DUTY OR LIABILITY TO ANY PARTY FOR THE PAYMENT OF ANY RETIREMENT SAVINGS BENEFITS ACCRUED BY ANY INDIVIDUAL UNDER THE PROGRAM; TO REQUIRE ANNUAL REPORTS BY THE BOARD AND AUDITS OF THE PROGRAM; TO PROVIDE FOR PENALTIES ON EMPLOYERS WHO FAIL TO COMPLY WITH THE REQUIREMENTS OF THIS ACT; TO PROVIDE THAT THE DEPARTMENT OF REVENUE WILL ENFORCE THE COLLECTIONS OF THE PENALTIES; TO AUTHORIZE THE BOARD TO ADOPT ANY RULES AS NECESSARY TO IMPLEMENT THIS ACT; AND FOR RELATED PURPOSES.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the House of Representatives
Sponsor
Its course
January 18 to February 2, 2021, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action2 actions on 2 days
In the House of RepresentativesJan 18 to Feb 2 · stopped15 days
AppropriationsJan 18 to Feb 2 · stopped15 days
Text
Each version as the Legislature printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the Legislature published it is below.
In the House of Representatives Jan 18 – Feb 2
- Jan 18Referred to the House committee on Appropriations
- Feb 2Died in committee in the House
All 2 actions, as published
- Jan 18Referred To AppropriationsHouse of Representatives
- Feb 2Died In CommitteeHouse of Representatives