Minnesota Secure Choice Retirement Program Savers Overview

Minnesota Secure Choice Retirement Program is a state-facilitated retirement program for private employers established by the legislature in 2023. It is a way for private employees who do not have access to employer-sponsored retirement plans to save for retirement.

Contribution rate will be 5% of pay but can be increased, lowered, or stopped at any time.

The employees’ contributions will be deposited into a Roth IRA. Roth IRA contributions are made with after tax dollars and neither the contributions or the earnings on those contributions will be taxed when withdrawn if the account has been established for at least five years and the employee is over age 59 ½.A traditional IRA will also be offered to contribute on a pre-tax basis.

Employees have option to opt out of participating in the program.

Employees will be able to withdraw their funds prior to retirement. The Program will handle all withdrawals and tax information.