Minnesota Secure Choice offers a simple way to help your employees save for the future
Saving for retirement is an increasingly difficult dilemma for American workers. Here in Minnesota, nearly one third of employers do not offer retirement benefits. The Minnesota Legislature recognized this struggle for many workers across the state and established the Minnesota Secure Choice Retirement Program and employer compliance criteria to help employees achieve greater financial security. Minnesota Secure Choice bridges the gap for employees to access a retirement savings opportunity while making it easy and cost effective for you to participate and offer an added benefit to your employees.
What is Minnesota Secure Choice?
The Minnesota Secure Choice Retirement Program is a new retirement savings program, created through legislation and overseen by the Minnesota Secure Choice Retirement Program Board. The program requires any business or nonprofit employing 5 or more people receiving Minnesota taxable wages to register for and participate in the program if they do not already offer a tax- qualified retirement option (such as a 401(k)) to employees. Employers offering a retirement option must file for an exemption from the program. The good news is the program is easy to facilitate, requires no matching contribution from employers, and is an added benefit for employees. It is designed to help employees establish a financially secure future with easy, automatic payroll contributions to a Roth or Traditional IRA.
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