Minnesota Secure Choice Retirement Program
State of Minnesota IRA program
Year enacted |
2023 |
Status |
The program will be operational no earlier than January 1, 2025, and it must be opened in phases, with the last phase opened no later than two years after the first one. |
Employers affected |
For profit and not-for-profit nongovernmental employers with five or more employees who don't sponsor or contribute to a retirement savings plan (and didn't in the immediately preceding 12 months) for its employees |
Type of account |
Roth IRA (default) and traditional IRA (optional) |
Automatic enrollment |
Yes |
Auto-escalation |
To be determined by the board |
Default contribution rate |
To be determined by the board |
Employer contributions |
Not permitted |
Investment options |
A diversified array of investment funds to be determined by the board; the board is to designate a default investment fund that's diversified and consists of target-date funds, a balanced fund, a capital preservation fund, or a combination of these funds. |
Fees |
Annual administrative fees, costs, and expenses are to be maintained “as low as possible.” Any administrative fee assessed against the accounts of covered employees may not exceed a reasonable amount relative to the fees charged by other similar IRA or defined contribution programs. The fee may be asset based, flat , or a hybrid of the two. |
Website |
Not available yet |
Source: Information is from H0782-S0413DE1 Bill Summary (mn.gov) and HF 782 4th Engrossment - 93rd Legislature (2023 - 2024) (mn.gov). It is subject to change without notice. Please contact the state to learn more.
Learn more about the opportunity with state-facilitated retirement plans
John Hancock Retirement Plan Services LLC offers administrative and/or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker-dealer for the John Hancock mutual funds, member FINRA, SIPC.
MGR0817233056872 MF3056872 8/23