SEIU MN State Council
Minnesota Secure Choice Retirement Savings Act
Approximately one million Minnesota workers are not currently saving for retirement at their place of work, largely because they have no access to a workplace retirement savings plan. As a result, approximately 168,000 Minnesota households nearing retirement age (55-64) have no retirement savings, and face the prospect of living in poverty on Social Security alone, or continuing to work well into their “retirement” years. Minnesota must do better for our workers who work hard and play by the rules and hope to be able to enjoy their retirement years.
Minnesota can create the Secure Choice Retirement Savings Plan to give workers without a retirement savings plan through their employer, access to a convenient, low-cost, portable, state-managed retirement plan, without adding any new liabilities to state coffers.
Rep. Patti Fritz and Sen. Sandy Pappas have introduced the Minnesota Secure Choice Retirement Savings Act (HF 2419/SF 2078) to promote greater retirement savings for workers whose employers offer no retirement savings plan by