Tell us... your thoughts on employee retirement options

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In April, the House Labor Committee heard testimony on HB 5461. The legislation would create a state-run “Michigan Secure Retirement Savings Program” to auto-enroll employees into an IRA with payroll deduction if the employer does not offer another retirement plan.

The program, as laid out, is concerning because the employee is automatically enrolled unless the employee opts-out. It also contains automatic increases in the percentage of contribution, set by the state. This proposal primarily impacts smaller and independent retailers who may not offer any alternative retirement plans. The sponsor in part hopes to force employers to offer plans with this effort if they don’t like the idea of participating in the state’s plan.

To help guide our efforts, please take a few minutes to answer a few questions about what you currently offer employees and if you’d be interested in an auto-enrollment, payroll-deduction IRA plan.

Do you offer any retirement savings options to employees? (choose one)

Yes, all employees are eligible to participate in the retirement plan

Yes, some employees (full time) are eligible to participate in our retirement plan

No, we do not offer employee retirement savings plans

No, but we encourage employees to save for retirement on their own

Other:

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More information:

Do you offer any matched retirement savings or automatic retirement contributions to employees? (choose all that apply)

Yes, we (the employer) contribute directly to all employees retirement plans

Yes, we (the employer) contribute directly to some employees (full time) retirement plans

Yes, we (the employer) offer a match percentage for all employees who contribute to retirement plans

We offer a retirement plan but do not offer any direct contributions or a match employee retirement savings plans

NA - we do not offer an employee retirement savings plan

Other:

More information:

If you offer an employee retirement savings plan what types of plan do you offer? (Please check all that apply.)

401(k) style plan

IRA style plan

Other:

More information:

Would you support a Michigan law creating a program that allows employees to make automatic, payroll-deducted contributions to their retirement? (choose one)

Yes

Unsure, need more information

Other:

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More information:

Would you support a Michigan law creating a program that is mandatory for all employers without existing retirement plans to participate in and the employee must opt-out of the program rather than opting in to the program? (choose one)

Yes

Yes, but only if the employee can opt-in instead of opting-out

Unsure, need more information

Other:

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More information:

Would you consider offering employees a retirement plan option in order to avoid participating in a government-run, auto-enrollment, payroll deduction IRA plan that employees must opt-out of? (Please check all that apply.)

Yes, I'd look into offering a 401(k) style plan

Yes, I'd look into offering an IRA style plan

Other:

More information:

How concerned would you be if Michigan adopts a government-run, auto-enrollment, payroll deduction IRA plan that employees must opt-out of?

Not concerned

Very concerned

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How much would a mandated, state-run paid leave program impact your overall business expenses from a cost perspective?

No cost impact

Large cost impact

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What other concerns or comments do you want to share?

What kind of business do you operate?

Traditional retail store or website

Food retailer, includes grocery, convenience, gas stations

Restaurant/bar or other food service

Service-based business

Business-to-business retail sales/services

Retail support (transportation, manufacturing, etc.)

Other:

Clear selection

How many physical locations do you have?

One location

2-5 locations

5-10 locations

10+ locations

Other:

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If you'd be interested in speaking publicly on this issue either via testifying before a legislative committee or speaking to the press, please leave your name and contact information below.

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