State Rep. Mike McFall (D-Hazel Park) has introduced House Bill 5461, which will expand retirement savings options in Michigan and allow employees to save for retirement even if their employer does not offer a program to do so.
According to a press release, MI Secure Retirement is designed to support small businesses as well as employees. Retirement benefits play a major role in making or keeping employers attractive but can be cost-prohibitive for small businesses. This program offers support for members of both entities.
As of 2020, nearly 42% of Michigan’s private-sector workforce ages 18 to 64 lacked access to a retirement savings plan at work, according to the press release.
“We continue to see an aging workforce that is not financially secure enough to retire,” said McFall. “This program will help small businesses retain employees, allow for more Michiganders to have additional financial autonomy in retirement, and save tax dollars because fewer people will need to take advantage of social safety net programs as they age. The program comes at no cost to employers and will help our state continue as an economic driver in the nation.”
