HB 5150
Establishing the West Virginia Secure Choice retirement program
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the West Virginia Secure Choice retirement program, a new system designed to help employees save for retirement. It creates a trust and administrative fund to manage contributions and investments, outlines responsibilities for covered employers and the program board, and establishes rules for employee contributions and withdrawals. The program aims to provide a retirement savings option for West Virginia workers who may not have access to employer-sponsored plans.
Key provisions
- Establishes the West Virginia Secure Choice retirement program.
- Defines key terms related to the program, including ‘covered employee,’ ‘covered employer,’ and ‘contribution rate.’
- Creates a Secure Choice trust and administrative fund to manage program assets and expenses.
- Outlines the responsibilities of covered employers, including enrolling employees and remitting contributions.
- Establishes a board of directors to oversee the program's operations.
- Specifies default contribution rates and an escalation schedule.
- Provides for civil penalties for non-compliance by covered employers.
- Allows for partnerships with other states to administer the program.
Who is affected
- Employees of West Virginia businesses and organizations.
- Employers in West Virginia with five or more covered employees.
- The State of West Virginia.
- The Legislative Commission on Pensions and Retirement.
- Financial institutions and investment firms.
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