New Minnesota Retirement Program

August 9th, 2024

New Minnesota Retirement Program

Effective January 1, 2025, all Minnesota employers with five or more employees that do not sponsor a retirement plan must participate in the Minnesota Secure Choice Retirement Program (MSCRP). [1]

The Minnesota Secure Choice Retirement Program is a state-run retirement savings plan designed to help workers who don't have access to employer-sponsored retirement plans, like 401(k)s, save for their future. The program was established to address the retirement savings gap, especially among small business employees, part-time workers, and those in the gig economy.

Key Features of the Program:

Automatic Enrollment: Employees of businesses that do not offer a retirement plan are automatically enrolled in the Secure Choice program, though they can opt out if they choose.
Payroll Deductions: Contributions to the retirement plan are made through automatic payroll deductions, making it easier for employees to save regularly.
Portability: The retirement account is tied to the individual, not the employer. This means that if an employee changes jobs, their retirement account goes with them.
Investment Options: The program typically offers a range of investment options, allowing participants to choose how their money is invested based on their risk tolerance and retirement goals.
Low Fees: The program is designed to be cost-effective, with lower fees compared to many private retirement savings options, making it more accessible for low- and moderate-income workers.
State Management: The program is administered by the state, ensuring that it is managed with the best interests of participants in mind.

Benefits:

Increased Retirement Savings: By providing an easy and automatic way to save, the program aims to increase the retirement savings rate among workers who might otherwise not have access to a retirement plan.
Economic Security: Helping workers save for retirement can reduce future reliance on social services and improve overall economic security for individuals as they age.
Support for Small Businesses: The program relieves small businesses of the administrative burden and costs associated with setting up a retirement plan for their employees.

Implementation Timeline:

The program was signed into law in 2023, and the Minnesota State Government is in the process of setting up the infrastructure needed to launch it. The program will open on or after January 1, 2025, and roll out in phases, with the last phase opening no later than two years after the opening of the first phase. Program requirements become mandatory for larger businesses first and roll out to smaller businesses incrementally. [2]

To learn more from the State of Minnesota, you can go to https://lcpr.mn.gov/SecureChoice.htm.

Keep an eye on our Events page, located at: https://www.wagnerlegalmn.com/events/ for free upcoming seminars specific business owners.

If you’d like to meet with an attorney to explore ways to ensure compliance business owner laws, contact us to get started.

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[1] Note – Bill HF782

[2] Department and Operation

The administration of the MSCRP is specifically designated to a board of directors established under Minn. Stat. § 187.08, with detailed responsibilities and membership composition provided in the statute.

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New Minnesota Retirement Program

Key Features of the Program:

Benefits:

Implementation Timeline:

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