House Bill 701

AN ACT TO CREATE THE MISSISSIPPI WORK AND SAVE PROGRAM, WHICH IS A RETIREMENT SAVINGS PROGRAM SPONSORED BY THE STATE FOR CERTAIN EMPLOYERS WHO DO NOT ALREADY OFFER A RETIREMENT PLAN THAT WILL ALLOW THOSE EMPLOYERS TO OFFER ELIGIBLE EMPLOYEES THE VOLUNTARY CHOICE TO CONTRIBUTE TO AN INDIVIDUAL RETIREMENT ACCOUNT (IRA) THROUGH A PAYROLL DEDUCTION; TO ESTABLISH THE MISSISSIPPI WORK AND SAVE BOARD IN THE OFFICE OF THE STATE TREASURER TO ADMINISTER THE PROGRAM; TO PROVIDE FOR THE APPOINTMENT OF THE MEMBERS OF THE BOARD; TO PROVIDE THE POWERS, AUTHORITY AND DUTIES OF THE BOARD; TO PRESCRIBE THE REQUIREMENTS FOR THE PROGRAM; TO PROVIDE THAT THE IRA TO WHICH CONTRIBUTIONS ARE MADE WILL BE A ROTH IRA AND THE STANDARD PACKAGE WILL BE A ROTH IRA WITH A TARGET DATE FUND INVESTMENT AND A SPECIFIED CONTRIBUTION PERCENTAGE; TO PROVIDE CERTAIN PROTECTION FROM LIABILITY FOR EMPLOYERS IN THE PROGRAM AND FOR THE STATE; TO PROVIDE FOR THE CONFIDENTIALITY OF PARTICIPANT AND ACCOUNT INFORMATION; TO CREATE THE MISSISSIPPI WORK AND SAVE ADMINISTRATIVE FUND AS A SPECIAL FUND IN THE STATE TREASURY; TO PROVIDE THAT MONIES IN THE FUND SHALL BE EXPENDED BY THE BOARD, UPON APPROPRIATION OF THE LEGISLATURE, FOR THE PURPOSES AUTHORIZED IN THIS ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• Jody Steverson

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 16 – Jan 31

1. Jan 16Referred to the House committee on Appropriations
2. Jan 31Died in committee in the House