Retirement: other; retirement program for certain nonpublic employees to participate in a benefit plan; create, and provide oversight. Creates new act. TIE BAR WITH: HB 5335'25

Michigan House Bill 5336, introduced on December 2, 2025, aims to establish the Secure Retirement Savings Program. This program is designed to provide retirement savings options for employees of private-sector employers who do not currently offer retirement plans. Key provisions include: 1) mandatory participation for certain employers, 2) creation of a trust fund outside the state treasury to manage employee retirement accounts, 3) establishment of an administrative fund to cover program expenses, and 4) imposition of civil fines for non-compliance. The bill is linked to House Bill 5335, which proposes the creation of the Michigan Secure Retirement Program Board to oversee the program.

Supporters of HB 5336 argue that it addresses a significant gap in retirement savings among private-sector workers, particularly those employed by small businesses that lack the resources to offer retirement plans. By mandating employer participation and creating a state-administered program, the bill aims to enhance financial security for many Michigan residents. Proponents also highlight the program's portability and low-cost structure, which could encourage higher participation rates and better retirement outcomes.

Critics of HB 5336 express concerns about the potential administrative burden and costs imposed on employers, especially small businesses. They argue that mandatory participation could lead to increased operational complexities and financial strain. Additionally, some opponents question the effectiveness of a state-managed program in delivering better retirement outcomes compared to private-sector alternatives, citing potential inefficiencies and bureaucratic challenges.