MN Secure Choice

Minnesota Secure Choice Retirement Program

● Meetings of the Secure Choice Board of Directors

Upcoming meetings: No meetings scheduled

Previous meetings:

Friday, January 10, 2025 (Agenda & Materials)
Friday, December 6, 2024 (Agenda & Materials)
Friday, October 4, 2024 (Agenda & Materials, Video)
Monday, March 25, 2024 (Agenda & materials, Video)

● Program Website and Contact Information

new The Secure Choice Retirement Program has a website! You can find it here: https://mn.gov/scrb. At this time, it is primarily a temporary landing page for the Program, but the full web site, when up and running, will have much more information.

For information on the Secure Choice Retirement program occurring before the Secure Choice dedicated website is fully functional, the linked webpage on this LCPR site will remain active.

► If you have questions about the Secure Choice Program, please contact Interim Executive Director David Bergstrom at david.bergstrom@state.mn.us or 651-201-1975.

● Most Frequently Asked Questions:

Q1. When will the Program be open for enrollment?

A1. 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. The applicable MN session law, Laws 2023, Chapter 46, Section 10, 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.

● 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.