MN Secure Choice

Minnesota Secure Choice Retirement Program

Update on the Secure Choice Retirement Program

NOTE TO EMPLOYERS: It is anticipated that the Program will not open for enrollment until first quarter 2026.

Please disregard information being provided by payroll and financial services vendors suggesting that employers have to take action by January 1, 2025 - this is NOT accurate information.

This page and the linked webpage on this LCPR site are the only "official" information on the Program at this time. We will let you know when there is a website dedicated to the Program.

● Program Status

The Program is currently in its planned formation stage with major activities underway, such as board formation and initial meetings; administrative agency establishment; securing office space and other required support services; and the hiring of an Interim Executive Director.

● Most Frequently Asked Questions:

Q1. When will the Program be open for enrollment?

A1. The Program is not permitted to open prior to January 1, 2025, under the applicable MN session law, Laws 2023, Chapter 46, Section 10. The session law states:

"Sec. 10. MINNESOTA SECURE CHOICE RETIREMENT PROGRAM; START OF OPERATIONS.

Subdivision 1. Program start; phasing.

(a) The board of directors of the Minnesota Secure Choice retirement program must begin operation of the secure choice retirement program under Minnesota Statutes, section 187.05, no earlier than January 1, 2025.

(b) The board of directors must open the program in phases, and the last phase must be opened no later than two years after the opening of the first phase."

Q2. When will information regarding the enrollment process be available?

A2. Prior to any launch of the Program enrollment process, the Program’s leadership will ensure that adequate time is provided for a statewide educational campaign to inform companies and nonprofits about the Program’s requirements and the process for enrolling employees. More specific information will be posted as the required agency formation activities are completed.

● Meetings of the Board of Directors

Upcoming meetings: TBA

Friday, December 6, 2024, at 2:00 PM. The meeting will be in the Retirement Systems Building (60 Empire Drive). The agenda is TBA.

Previous meetings:

Friday, October 4, 2024, 9:00 a.m. (Agenda & Materials, Video)
Monday, March 25, 2024, 4:30 p.m. (Agenda & materials, Video)

● LCPR appoints three members to the Secure Choice board of directors

The board consists of three members appointed by the Commission, two members appointed by the Governor’s office, and the executive directors of the Minnesota State Retirement System (MSRS) and the State Board of Investment (SBI).

The Executive Committee of the Legislative Commission on Pensions and Retirement met on Monday, January 8, at 10 a.m. to appoint three members of the board of directors of the Minnesota Secure Choice Retirement Program. The Commission’s Executive Committee consists of Chair Rep. Kaohly Vang Her, Vice Chair Sen. Nick Frenz, and Secretary Rep. Tim O’Driscoll. The Committee appointed the following, effective January 15, 2024:

Cynthia Geiwitz, to the seat to be filled by an executive or operations manager with substantial experience in recordkeeping 401(k) plans. Ms. Geiwitz is Senior Counsel for Wells Fargo & Company.
Danica Goshert, to the seat to be filled by an executive or operations manager with substantial experience in individual retirement accounts. Ms. Goshert is Senior Vice President and Private Wealth Manager at Integrated Equity Management.
James Miley, to the seat to be filled by an executive or operations manager with substantial experience in retirement plan investments. Mr. Miley is co-founder, Managing Director, and Chief Investment Officer of Hays Financial Group.

The appointments were approved contingent on completion of a background check. The background checks have been completed and the appointments are now final.

The board will consist of the three members appointed by the Commission, two members appointed by the Governor’s office, and the executive directors of the Minnesota State Retirement System (Erin Leonard) and the State Board of Investment (Jill Schurtz).

The Governor made his appointments on January 12 and they are:

Alex West Steinman, to fill the seat for a small business owner.
Robin Ritter, to fill the seat for a human resources executive.

● Minnesota Secure Choice Retirement Program – Openings on the Board of Directors

On May 19, 2023, Governor Walz signed into law a bill establishing the Minnesota Secure Choice Retirement Program. Secure Choice is intended to benefit employees in the private sector who have no opportunity to save for retirement through an employer-sponsored retirement plan such as a 401(k) plan. Employers that do not sponsor a retirement plan for their employees are required to transmit a percentage of each employee’s pay to the Program, where it will be deposited into a state-sponsored individual retirement account (IRA) for the employee. Employees have the option to change the contribution percentage or opt out of participation altogether. Employees direct the investment of their accounts into a diversified array of investment funds offered through the State Board of Investment (SBI).

There are currently five vacancies to be filled on the Board of Directors for the Program. Three positions will be appointed by the Legislative Commission on Pensions and Retirement and two positions will be appointed by the Governor. For more information about Secure Choice, the duties of the Board, or to apply for a vacancy, please click here. The board positions are described in the drop-down list under “Open Positions”. Please note that creating an account is required and the materials you submit may be publicly available. Contact Commission staff if you have questions about the positions or completing an application.