Retirement Savings Program Introduced

Feb 23, 2024

by Liz Gullett

As MLC’s Communications and Social Media Manager, Liz Gullett keeps clients informed and up-to-date on the goings on in Lansing and the Capitol.

Representative Mike McFall (D-Hazel Park) introduced House Bill 5461 creating the MI Secure Retirement program, allowing employees to save for retirement even if their employer doesn’t offer a program to do so. At no cost to employers, the proposal would allow a worker to create and deposit a portion of their wages into an individual retirement account.

Key Points:

    • The Department of Treasury would administer the program.
    • A seven-member board would provide oversight, with the state treasurer serving as chair.
    • An individual could opt out of the program.
    • Participating employees can access their savings in cases of financial emergencies or setbacks without penalty.
    • Fifteen states have created automated savings program.
    • Nearly 42% of private-sector workers don’t have a savings plan at work.
    • Pew estimates that Michigan’s cost from insufficient savings will total $11.2 billion cumulatively from 2020 through 2040.

Next Steps:

    • The bill was referred to the House Labor Committee for consideration.

Michigan Legislative Consultants is a bipartisan lobbying firm based in Lansing, Michigan. Our team of lobbyists and procurement specialists provide a wide range of services for some of the most respected companies in America. For more on MLC, visit www.mlcmi.com or connect with us on LinkedIn and Twitter.

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