Mississippi Gov. Signs New Law Establishing State-Run Retirement Program
The new Mississippi Work and Save Program creates a voluntary, state-run retirement savings option for private-sector employees whose employers don’t offer one.
Under the law, the State Treasurer must have the program operational so individuals can begin contributing no later than Aug. 1, 2028.
What Mississippi Employers Need to Know
Employers that participate will process payroll deductions into employee IRAs. Employees may be automatically enrolled in a Roth IRA, but they can opt out, change their contribution rate or elect a traditional IRA instead.
Employers are not fiduciaries for investment decisions, and account information is confidential under state law.
Payroll takeaway: No immediate action is required. Employers should monitor implementation plans through 2028 and prepare payroll systems if they choose to participate.
More info: AARP Mississippi Press Release.
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