Minnesota is slated to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not.
The state Senate approved the bill in a 34-33 vote. The House passed it in a 71-60 vote.
The legislation would require employers that employ five or more covered employees and that do not sponsor their own workforce retirement savings plan to participate. It also would afford employees a variety of options. They could opt out f participation: decide whether their contributions will be pre-tax or after-tax; and direct the investment of their accounts into an array of investment funds offered through the State Board of Investment.