Minnesota Legislature
Minnesota Secure Choice Retirement Program
● Meetings of the Board of Directors
The first meeting of the Board of Directors of the Minnesota Secure Choice Retirement Program was held on Monday, March 25, 2024, at 4:30 p.m. Board member Erin Leonard, Executive Director of the Minnesota State Retirement System, convened the meeting. For more information, see the agenda below.
● LCPR appoints three members to the board of directors of the Minnesota Secure Choice Retirement Program
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.
● Minnesota Secure Choice Retirement Program enacted
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).