SB 199 - This act creates the Missouri Secure Choice Savings Program Act. Under this act, certain employers that do not offer a qualified retirement plan are required to participate in the Missouri Secure Choice Savings Program and allow their employees to choose to contribute a portion of their wages to the Missouri Secure Choice Savings Program Fund through a payroll deduction arrangement. The act creates the Missouri Secure Choice Savings Board composed of five members: the State Treasurer, as chair, the Commissioner of Administration, a public representative with expertise in retirement savings investment, a representative of employers, and a representative of employees. The act outlines the duties and responsibilities of the Board including designing, establishing, and operating the Missouri Secure Choice Savings Program. The Board is additionally required to submit certain reports outlining the financial condition of the program and a summary of the benefits provided by the program.
The moneys held in the MSCSP Fund are not property of the state nor shall they be commingled with state funds. Furthermore, the act exempts the state, any board, commission, agency, officer, or employee of the state, and participating employers from certain liabilities under this act.
This act is substantially similar to HB 200 (2019).
SCOTT SVAGERA