Legislation creates affordable retirement savings expanding options for working Michiganders
State Rep. Mike McFall (D-Hazel Park) speaks on the House floor on Tuesday, May 21, 2024 at the Capitol in Lansing.
LANSING, Mich., Sept. 26, 2024 — House Bill 5461 was reported out of the House Labor committee yesterday. The legislation would create a secure retirement savings program for employees who do not have access to employer-sponsored retirement plans. It would also create a board to oversee the new secured retirement savings program. In response to HB 5461 coming out of committee, bill sponsor state Rep. Mike McFall (D-Hazel Park) issued the following statement:
“This is good news, giving more hardworking Michiganders options to save for retirement, to put money away as they age in a securely managed fund. Almost 42% of Michigan’s private-sector workers do not have access to workplace retirement savings plans. This legislation is about increasing access to retirement savings options with no added cost to employers.
“Once signed into law, this legislation will enable more Michiganders to have additional financial autonomy in retirement, and will ultimately save tax dollars in the long run because fewer people will need to enroll in social safety net programs as they age. This legislation is also good news for entrepreneurs, freelancers and professionals who provide services by contract. This secure retirement savings program will help more Michiganders prepare to thrive in retirement, lessening the threat of poverty in old age.”
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