On May 19, 2023, Governor Tim Walz signed a law establishing the Minnesota Secure Choice Retirement Program. Employers doing business in Minnesota with five or more employees are required to register for the program, or file for an exemption if they already offer a retirement benefit to employees. Employers can find more resources and information about the program here.
Employers must enroll by using the program portal. The deadline to enroll is staggered:
Employers will need to set up an account, add payroll information, company bank information, and employee information. Thereafter, the state will communicate with the employees about their options. Employees have thirty days to opt out or customize their contributions. After thirty days, the employer begins to make the payroll deductions and submit information concerning the contributions for employees who did not opt out.
Employers will need to create a new deduction in their payroll system, create a contribution file, and enter the contribution in the portal. Thereafter, employers must remit payroll contributions for active employees each pay period, update contribution rates if the employee makes a change, and keep the employee list up to date.
Employees must be automatically enrolled, but they can discontinue, decrease or increase their contribution level at any time. The initial contribution rate is 5 percent of total wages, with an annual automatic escalation of 1 percent until the contribution rate reaches 8...
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