Minnesota Creates Secure Choice Retirement Savings Program
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The Minnesota Secure Choice Retirement Program Act establishes a new retirement savings program in the state, intended to benefit employees who do not have the opportunity to save for retirement through an employer-sponsored retirement plan. Covered employers will transmit a percentage of each employee’s pay to a state-sponsored individual retirement account (IRA). The program’s board of directors (the Board) is required to begin operation of the program no earlier than Jan. 1, 2025.
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