(1) The State Treasurer shall design, develop, and implement the program, and, to that end, may conduct market, legal, and feasibility analyses.
(2) The State Treasurer shall have the powers, authority, and duties to:(a) Establish, implement, and maintain the program;(b) Cause the program, trust, and arrangements and accounts established under the program to be designed, established, and operated:(i) In accordance with best practices for retirement saving vehicles;(ii) To encourage participation, saving, sound investment practices, and appropriate selection of investment options, including any default investments;(iii) To maximize simplicity and ease of administration for covered employers;(iv) To minimize costs, including by collective investment and other measures to achieve economies of scale and other efficiencies in program design and administration;(v) To promote portability of benefits; and(vi) To avoid preemption of the program by federal law;(c) Arrange for collective, common, and pooled investment of assets of the program and trust, including investments in conjunction with other funds with which these assets are permitted by law to be collectively invested, with a view to achieving economies of scale and other efficiencies designed to minimize costs for the program and its participants;(d) Develop and disseminate educational information designed to educate participants and citizens about the benefits of planning and saving for retirement and information to help them decide the level of participation and savings strategies that may be appropriate for them, including information in furtherance of financial capability and financial literacy;(e) If necessary, determine the eligibility of an employer, employee, or other individual to participate in the program;(f) Adopt rules and regulations it deems necessary or advisable for the implementation of this chapter and the administration and operation of the program consistent with the Internal Revenue Code and regulations thereunder, including to ensure that the program and arrangements established under the program satisfy all criteria for favorable federal tax treatment and complies, to the extent necessary, with any other applicable federal or state law;(g) Arrange for and facilitate compliance by the program or arrangements established under the program with all applicable requirements for the program under the Internal Revenue Code, including requirements for favorable tax treatment of the IRAs, and under any other applicable federal or state law and accounting requirements, including using its best efforts to implement procedures minimizing the risk that covered employees will contribute more to an IRA than the amount they are eligible for under the Internal Revenue Code to contribute to the IRA on a tax-favored basis, and otherwise providing or arranging for assistance to covered employers and covered employees in complying with applicable law and tax-related requirements in a cost-effective manner. The State Treasurer may establish any processes that he reasonably deems to be necessary or advisable to verify whether an employer is a covered employer (including reference to online data and possible use of questions in employer state tax filings);(h) Employ or retain a program administrator, executive director, staff, trustee, recordkeeper, investment managers, investment advisors, other administrative, professional, expert advisors and service providers, and determine their duties and compensation. The State Treasurer may authorize the executive director and other officials to oversee requests for proposals or other public competitions and enter into contracts. The State Treasurer may authorize the executive director to enter into contracts, as described in paragraph (n) of this subsection (2), on behalf of the State Treasurer or conduct any business necessary for the efficient operation of the program;(i) Establish procedures for the timely and fair resolution of participant and other disputes related to accounts or program operation;(j) Develop and implement an investment policy that defines the program’s investment objectives, consistent with the objectives of the program, and that provides for policies and procedures consistent with those investment objectives. The State Treasurer shall designate appropriate default investments that include a mix of asset classes, such as target date and balanced funds. The State Treasurer shall seek to minimize participant fees and expenses of investment and administration. The State Treasurer shall strive to design and implement investment options available to holders of accounts established as part of the program and other program features that are intended to achieve maximum possible income replacement balanced with an appropriate level of risk in an IRA-based environment consistent with the investment objectives under the policy. The investment options may encompass a range of risk and return opportunities and allow for a rate of return commensurate with an appropriate level of risk in view of the investment objectives under the policy. The menu of investment options shall be determined taking into account the nature and objectives of the program, the desirability (based on behavioral research findings) of limiting investment choices under the program to a reasonable number, and the extensive investment choices available to participants if they roll over to an IRA outside the program. In accordance with paragraph (h) of this subsection (2), the State Treasurer, to the extent he deems it necessary or advisable, in his discretion, in carrying out his responsibilities and exercising his powers under this chapter, shall employ or retain appropriate entities or personnel to assist or advise him or to whom to delegate the carrying out of such responsibilities and exercise of such powers;(k) Discharge his duties as a fiduciary with respect to the program solely in the interest of the participants as follows:(i) For the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administering the program; and(ii) With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims;(l) Cause expenses incurred to initiate, implement, maintain, and administer the program to be paid from contributions to, or investment returns or assets of, the program or other money collected by or for the program or pursuant to arrangements established under the program to the extent permitted under federal and state law;(m) Collect application, account, or administrative fees and to accept any grants, gifts, legislative appropriation, loans, and other monies from the state, any unit of federal, state, or local government, or any other person, firm, or entity to defray the costs of administering and operating the program;(n) Make and enter into competitively procured contracts, agreements, memoranda of understanding, arrangements, partnerships, or other arrangements, to collaborate and cooperate with, and to retain, employ, and contract with or for any of the following to the extent necessary or desirable, for the effective and efficient design, implementation, and administration of the program consistent with the purposes set forth in this chapter and to maximize outreach to covered employers and covered employees:(i) Services of private and public financial institutions, depositories, consultants, actuaries, counsel, auditors, investment advisors, investment administrators, investment management firms, other investment firms, third-party administrators, other professionals and service providers, and state public retirement systems;(ii) Research, technical, financial, administrative, and other services; and(iii) Services of other state agencies to assist the State Treasurer in the exercise of his powers and duties;(o) Make and enter into contracts, agreements, memoranda of understanding, arrangements, partnerships, or other arrangements to collaborate, cooperate, coordinate, contract, or combine resources, investments, or administrative functions with other governmental entities, including states or their agencies or instrumentalities that maintain or are establishing retirement savings programs compatible with the program, including collective, common, or pooled investments with other funds of other states’ programs with which the assets of the program and trust are permitted by law to be collectively invested, to the extent necessary or desirable for the effective and efficient design, administration, and implementation of the program consistent with the purposes set forth in this chapter, including the purpose of achieving economies of scale and other efficiencies designed to minimize costs for the program and its participants and the provisions of Section 71-19-7(j) and (l);(p) Develop and implement an outreach plan to gain input and disseminate information regarding the program and retirement savings in general, including timely information to covered employers regarding the program and how it applies to them, with special emphasis on their ability at any time to sponsor a specified tax-favored retirement plan that would exempt them from any responsibilities under the program;(q) Cause monies to be held and invested and reinvested under the program;(r) Ensure that all contributions to IRAs under the program may be used only to:(i) Pay benefits to participants under the program;(ii) Pay the cost of administering the program; and(iii) Make investments for the benefit of the program, and that no assets of the program or trust are transferred to the State General Fund or to any other fund of the state or are otherwise encumbered or used for any purpose other than those specified in this subsection (2);(s) Make provision for the payment of costs of administration and operation of the program and trust;(t) Consider whether or not procedures should be promulgated to allow employers that are not covered employers because they are exempt from covered employer status to voluntarily participate in the program by enrolling their employees in payroll deduction IRAs, taking into account, among other considerations, the potential legal consequences and the degree of employer demand to participate or facilitate participation by employees;(u) Evaluate the need for, and procure if and as needed, insurance against any and all loss in connection with the property, assets, or activities of the program, and evaluate the need for, and procure if and as deemed necessary, pooled private insurance;(v) Indemnify, including procurement of insurance if and as needed for this purpose, the State Treasurer from personal loss or liability resulting from his action or inaction;(w) Collaborate with, and evaluate the role of, financial advisors or other financial professionals, including in assisting and providing guidance for covered employees; and(x) Carry out its powers and duties under the program pursuant to this chapter and exercise any and all other powers as are appropriate for the effectuation of the purposes, objectives, and provisions of this chapter pertaining to the program.
(a) Establish, implement, and maintain the program;
(b) Cause the program, trust, and arrangements and accounts established under the program to be designed, established, and operated:(i) In accordance with best practices for retirement saving vehicles;(ii) To encourage participation, saving, sound investment practices, and appropriate selection of investment options, including any default investments;(iii) To maximize simplicity and ease of administration for covered employers;(iv) To minimize costs, including by collective investment and other measures to achieve economies of scale and other efficiencies in program design and administration;(v) To promote portability of benefits; and(vi) To avoid preemption of the program by federal law;
(i) In accordance with best practices for retirement saving vehicles;
(ii) To encourage participation, saving, sound investment practices, and appropriate selection of investment options, including any default investments;
(iii) To maximize simplicity and ease of administration for covered employers;
(iv) To minimize costs, including by collective investment and other measures to achieve economies of scale and other efficiencies in program design and administration;
(v) To promote portability of benefits; and
(vi) To avoid preemption of the program by federal law;
(c) Arrange for collective, common, and pooled investment of assets of the program and trust, including investments in conjunction with other funds with which these assets are permitted by law to be collectively invested, with a view to achieving economies of scale and other efficiencies designed to minimize costs for the program and its participants;
(d) Develop and disseminate educational information designed to educate participants and citizens about the benefits of planning and saving for retirement and information to help them decide the level of participation and savings strategies that may be appropriate for them, including information in furtherance of financial capability and financial literacy;
(e) If necessary, determine the eligibility of an employer, employee, or other individual to participate in the program;
(f) Adopt rules and regulations it deems necessary or advisable for the implementation of this chapter and the administration and operation of the program consistent with the Internal Revenue Code and regulations thereunder, including to ensure that the program and arrangements established under the program satisfy all criteria for favorable federal tax treatment and complies, to the extent necessary, with any other applicable federal or state law;
(g) Arrange for and facilitate compliance by the program or arrangements established under the program with all applicable requirements for the program under the Internal Revenue Code, including requirements for favorable tax treatment of the IRAs, and under any other applicable federal or state law and accounting requirements, including using its best efforts to implement procedures minimizing the risk that covered employees will contribute more to an IRA than the amount they are eligible for under the Internal Revenue Code to contribute to the IRA on a tax-favored basis, and otherwise providing or arranging for assistance to covered employers and covered employees in complying with applicable law and tax-related requirements in a cost-effective manner. The State Treasurer may establish any processes that he reasonably deems to be necessary or advisable to verify whether an employer is a covered employer (including reference to online data and possible use of questions in employer state tax filings);
(h) Employ or retain a program administrator, executive director, staff, trustee, recordkeeper, investment managers, investment advisors, other administrative, professional, expert advisors and service providers, and determine their duties and compensation. The State Treasurer may authorize the executive director and other officials to oversee requests for proposals or other public competitions and enter into contracts. The State Treasurer may authorize the executive director to enter into contracts, as described in paragraph (n) of this subsection (2), on behalf of the State Treasurer or conduct any business necessary for the efficient operation of the program;
(i) Establish procedures for the timely and fair resolution of participant and other disputes related to accounts or program operation;
(j) Develop and implement an investment policy that defines the program’s investment objectives, consistent with the objectives of the program, and that provides for policies and procedures consistent with those investment objectives. The State Treasurer shall designate appropriate default investments that include a mix of asset classes, such as target date and balanced funds. The State Treasurer shall seek to minimize participant fees and expenses of investment and administration. The State Treasurer shall strive to design and implement investment options available to holders of accounts established as part of the program and other program features that are intended to achieve maximum possible income replacement balanced with an appropriate level of risk in an IRA-based environment consistent with the investment objectives under the policy. The investment options may encompass a range of risk and return opportunities and allow for a rate of return commensurate with an appropriate level of risk in view of the investment objectives under the policy. The menu of investment options shall be determined taking into account the nature and objectives of the program, the desirability (based on behavioral research findings) of limiting investment choices under the program to a reasonable number, and the extensive investment choices available to participants if they roll over to an IRA outside the program. In accordance with paragraph (h) of this subsection (2), the State Treasurer, to the extent he deems it necessary or advisable, in his discretion, in carrying out his responsibilities and exercising his powers under this chapter, shall employ or retain appropriate entities or personnel to assist or advise him or to whom to delegate the carrying out of such responsibilities and exercise of such powers;
(k) Discharge his duties as a fiduciary with respect to the program solely in the interest of the participants as follows:(i) For the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administering the program; and(ii) With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims;
(i) For the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administering the program; and
(ii) With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims;
(l) Cause expenses incurred to initiate, implement, maintain, and administer the program to be paid from contributions to, or investment returns or assets of, the program or other money collected by or for the program or pursuant to arrangements established under the program to the extent permitted under federal and state law;
(m) Collect application, account, or administrative fees and to accept any grants, gifts, legislative appropriation, loans, and other monies from the state, any unit of federal, state, or local government, or any other person, firm, or entity to defray the costs of administering and operating the program;
(n) Make and enter into competitively procured contracts, agreements, memoranda of understanding, arrangements, partnerships, or other arrangements, to collaborate and cooperate with, and to retain, employ, and contract with or for any of the following to the extent necessary or desirable, for the effective and efficient design, implementation, and administration of the program consistent with the purposes set forth in this chapter and to maximize outreach to covered employers and covered employees:(i) Services of private and public financial institutions, depositories, consultants, actuaries, counsel, auditors, investment advisors, investment administrators, investment management firms, other investment firms, third-party administrators, other professionals and service providers, and state public retirement systems;(ii) Research, technical, financial, administrative, and other services; and(iii) Services of other state agencies to assist the State Treasurer in the exercise of his powers and duties;
(i) Services of private and public financial institutions, depositories, consultants, actuaries, counsel, auditors, investment advisors, investment administrators, investment management firms, other investment firms, third-party administrators, other professionals and service providers, and state public retirement systems;
(ii) Research, technical, financial, administrative, and other services; and
(iii) Services of other state agencies to assist the State Treasurer in the exercise of his powers and duties;
(o) Make and enter into contracts, agreements, memoranda of understanding, arrangements, partnerships, or other arrangements to collaborate, cooperate, coordinate, contract, or combine resources, investments, or administrative functions with other governmental entities, including states or their agencies or instrumentalities that maintain or are establishing retirement savings programs compatible with the program, including collective, common, or pooled investments with other funds of other states’ programs with which the assets of the program and trust are permitted by law to be collectively invested, to the extent necessary or desirable for the effective and efficient design, administration, and implementation of the program consistent with the purposes set forth in this chapter, including the purpose of achieving economies of scale and other efficiencies designed to minimize costs for the program and its participants and the provisions of Section 71-19-7(j) and (l);
(p) Develop and implement an outreach plan to gain input and disseminate information regarding the program and retirement savings in general, including timely information to covered employers regarding the program and how it applies to them, with special emphasis on their ability at any time to sponsor a specified tax-favored retirement plan that would exempt them from any responsibilities under the program;
(q) Cause monies to be held and invested and reinvested under the program;
(r) Ensure that all contributions to IRAs under the program may be used only to:(i) Pay benefits to participants under the program;(ii) Pay the cost of administering the program; and(iii) Make investments for the benefit of the program, and that no assets of the program or trust are transferred to the State General Fund or to any other fund of the state or are otherwise encumbered or used for any purpose other than those specified in this subsection (2);
(i) Pay benefits to participants under the program;
(ii) Pay the cost of administering the program; and
(iii) Make investments for the benefit of the program, and that no assets of the program or trust are transferred to the State General Fund or to any other fund of the state or are otherwise encumbered or used for any purpose other than those specified in this subsection (2);
(s) Make provision for the payment of costs of administration and operation of the program and trust;
(t) Consider whether or not procedures should be promulgated to allow employers that are not covered employers because they are exempt from covered employer status to voluntarily participate in the program by enrolling their employees in payroll deduction IRAs, taking into account, among other considerations, the potential legal consequences and the degree of employer demand to participate or facilitate participation by employees;
(u) Evaluate the need for, and procure if and as needed, insurance against any and all loss in connection with the property, assets, or activities of the program, and evaluate the need for, and procure if and as deemed necessary, pooled private insurance;
(v) Indemnify, including procurement of insurance if and as needed for this purpose, the State Treasurer from personal loss or liability resulting from his action or inaction;
(w) Collaborate with, and evaluate the role of, financial advisors or other financial professionals, including in assisting and providing guidance for covered employees; and
(x) Carry out its powers and duties under the program pursuant to this chapter and exercise any and all other powers as are appropriate for the effectuation of the purposes, objectives, and provisions of this chapter pertaining to the program.
(3) The State Treasurer and his staff shall not:(a) Directly or indirectly have any interest in the making of any investment under the program or in gains or profits accruing from any such investment;(b) Borrow any program-related funds or deposits, or use any such funds or deposits in any manner, for himself or herself or as an agent or partner of others; or(c) Become an endorser, surety, or obligor on investments made under the program.
(a) Directly or indirectly have any interest in the making of any investment under the program or in gains or profits accruing from any such investment;
(b) Borrow any program-related funds or deposits, or use any such funds or deposits in any manner, for himself or herself or as an agent or partner of others; or
(c) Become an endorser, surety, or obligor on investments made under the program.