HB 2849
Relating to retirement
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the West Virginia Secure Choice retirement program, designed to provide a retirement savings option for employees of covered employers. It creates a trust and administrative fund to manage contributions and investments, outlines responsibilities for employers and the board of directors, and includes provisions for civil penalties and collaboration with other states. The program aims to address the lack of retirement savings options for certain West Virginia workers.
Key provisions
- Establishes the West Virginia Secure Choice retirement program.
- Defines key terms related to the program, including covered employees, covered employers, and contribution rates.
- Creates a Secure Choice trust and administrative fund to manage program assets.
- Specifies the responsibilities of covered employers, including enrollment and remittance of contributions.
- Establishes a board of directors to oversee the program's operations.
- Includes provisions for automatic contribution rate escalation.
- Allows for partnerships with other states to administer the program.
- Allocates initial funding from the state's General Revenue fund.
Who is affected
- Employees of covered employers in West Virginia
- Covered employers (those with 5 or more covered employees and not sponsoring a retirement plan)
- The State of West Virginia
- The Legislative Commission on Pensions and Retirement
- Financial Institutions and Investment Managers
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