A BILL FOR AN ACT to amend the Indiana Code concerning state and local administration and to make an appropriation.

Plain English Breakdown

The bill summary and digest provide limited details about specific fees, contribution levels, and costs.

State Retirement Plan for Private Sector Workers

This bill establishes a state-run retirement program that automatically enrolls private sector employees who have not had access to a qualified retirement plan from their employer in the previous two calendar years.

What This Bill Does

• Establishes a board to design, establish, and operate a state administered retirement program for specified private sector employees.
• Requires certain employers without qualified retirement plans offered in the previous two calendar years to comply with the new state program.
• Sets default contribution levels and program fees.
• Allows the board to contract with investment managers or financial institutions to manage investments and handle day-to-day tasks.
• Limits the liability of parties involved in running the program.

Who It Names or Affects

• Private sector employees who have not had access to a qualified retirement plan from their employer in the previous two calendar years.
• Employers without qualified retirement plans offered in the previous two calendar years.

Terms To Know

qualified retirement plan

A type of retirement savings plan that meets certain rules set by the government and offers tax benefits.

default contribution levels

The automatic amount of money that goes into a retirement account unless workers choose to change it.

Limits and Unknowns

• It is not clear how much this program will cost or where the funding will come from.
• Specific details about fees and contribution levels are not provided in the summary.

Official Summary Text

A BILL FOR AN ACT to amend the Indiana Code concerning state and local administration and to
make an appropriation.
State administered retirement program.

Current Bill Text

A BILL FOR AN ACT to amend the Indiana Code concerning state and local administration and to
make an appropriation.

State administered retirement program.

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.