HB 5591 – Certain employers must offer their employees a state-sponsored Roth IRA.
Effective January 1, 2018, employers of five or more workers that do not offer an employer – sponsored retirement plan will be required to automatically enroll all employees – both full and part-time – into a state approved Roth IRA plan offered by a newly created state retirement exchange.
Employers will not be required to contribute to the plan, but will be responsible for enrolling employees and setting up employee payroll deduction requirements. Employees must opt out of the plan otherwise they are automatically enrolled.
