HB 4073: Mississippi Work and Save Program; create; revise certain PERS provisions.

Summary

An Act To Create The Mississippi Work And Save Program, Which Is A Retirement Savings Program Sponsored By The State For Certain Employers Who Do Not Already Offer A Retirement Plan That Will Allow Those Employers To Offer Eligible Employees The Voluntary Choice To Contribute To An Individual Retirement Account (ira) Through A Payroll Deduction; To Provide The Powers, Authority And Duties Of The State Treasurer; To Prescribe The Requirements For The Program; To Provide That The Ira To Which Contributions Are Made Will Be A Roth Ira And The Standard Package Will Be A Roth Ira With A Target Date Fund Investment And A Specified Contribution Percentage; To Provide Certain Protection From Liability For Employers In The Program And For The State; To Provide For The Confidentiality Of Participant And Account Information; To Create The Mississippi Work And Save Administrative Fund As A Special Fund In The State Treasury; To Provide That Monies In The Fund Shall Be Expended Upon Appropriation Of The Legislature, For The Purposes Authorized In The Mississippi Work And Save Program; To Amend Section 25-14-5, Mississippi Code Of 1972, To Allow The Mississippi Deferred Compensation Plan And Trust To Offer Roth Accounts And Other After-tax Contribution Vehicles; To Provide That A Participant's Roth Or Other Allowable After-tax Contribution Into A Deferred Compensation Account Shall Be Treated By The Employer As Includable In The Participant's Income At The Time The Participant Would Have Received That Amount In Compensation If The Participant Had Not Made A Deferred Election; To Authorize The Issuance Of State General Obligation Bonds To Provide Funds For The Mississippi Work And Save Administrative Fund; To Amend Section 25-14-15, Mississippi Code Of 1972, To Conform; To Amend Section 25-11-105, Mississippi Code Of 1972, To Require Any Terminated Plan Previously Approved By The Board Of Trustees Of The Public Employees' Retirement System To Pay To The Board Its Portion Of The N…

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Apr 8, 2026

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