Adds to existing law to establish a new retirement program for workers who do not have an employer-sponsored retirement program.

This act responds to a recent report issued by the Office of Performance Evaluation (OPE) overviewing the “Preparedness of Idahoans to Retire”. The act authorizes the state to develop a program that facilitates Idahoans voluntary enrollment into an auto payroll deduction retirement system if they do not have access to a workplace retirement plan. Administration and budgeting for the act is placed in the office of the state Treasurer and is advised by an appointed nine-member non-compensated board. The act directs the development and dissemination of employer-employee information and education materials to aid in voluntary enrollment. The act protects confidentiality of participant information and provides liability protection to the state. The act will provide for a phased in development and implementation schedule beginning July 1, 2021 with operation scheduled for June 30, 2022.