Mississippi House Bill 204 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 31 2023 - 100% progression
Action: 2023-01-31 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

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 2025, And Require That All Employees Be Enrolled After December 31, 2027; 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.

Mississippi Secure Choice Savings Program; establish.

Rep. Orlando Paden [D]

Date	Chamber	Action
2023-01-31	House	Died In Committee
2023-01-04	House	Referred To Appropriations

Type	Source
Summary	https://billstatus.ls.state.ms.us/2023/pdf/history/HB/HB0204.xml
Text	https://billstatus.ls.state.ms.us/documents/2023/html/HB/0200-0299/HB0204IN.htm