Chapter 187 — Minnesota Secure Choice Retirement Program Act

187.01 Minnesota Secure Choice Retirement Program; Citation This section establishes the official name of the Minnesota Secure Choice Retirement Program Act, which is found in …

187.03 Definitions This section defines key terms used throughout the Secure Choice Retirement Program law. Key terms include 'covered …

187.05 Secure Choice Retirement Program The Secure Choice board operates a payroll deduction retirement savings program where employees contribute a percentage …

187.06 Establishment of Secure Choice Trust and Administrative Fund; Employee Accounts; Investments The Secure Choice Trust is established as a state instrumentality to hold employee savings and investment earnings, …

187.07 Responsibilities of Covered Employers Covered employers must enroll their employees in the Secure Choice program and start withholding payroll contributions …

187.08 Secure Choice Retirement Program Board of Directors The Secure Choice Retirement Program is governed by a seven-member board of directors. The board includes the executive …

187.09 Fiduciary Duty; Standard of Care Board members, the executive director, State Board of Investment members, and anyone controlling Secure Choice trust …

187.10 No State Liability The state of Minnesota has no financial liability for the amount of retirement benefits paid to program participants or …

187.11 Other State Agencies to Provide Assistance The Secure Choice board may enter into agreements with state agencies including the Department of Revenue, Department of …

187.12 Penalties for Noncompliance Covered employers who fail to enroll employees or distribute required program information face escalating annual …