l9n/ Mississippi

2024 Regular Session

House Bill 599

Mississippi Secure Choice Savings Program; establish.

Did not become law. It stopped in the House of Representatives's Business and Commerce Committee on March 5, 2024. The 2024 session has ended.

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 2026, AND REQUIRE THAT ALL EMPLOYEES BE ENROLLED AFTER DECEMBER 31, 2028; 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

Its course

January 24 to March 5, 2024, 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 24 to Mar 5 · stopped41 days

Business and CommerceJan 24 to Mar 5 · stopped41 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 24 – Mar 5

  1. Jan 24Referred to the House committees on Business and Commerce and on Ways and Means
  2. Mar 5Died in committee in the House
All 2 actions, as published
  1. Jan 24Referred To Business and Commerce;Ways and MeansHouse of Representatives
  2. Mar 5Died In CommitteeHouse of Representatives