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:
The above appointments were approved contingent on completion of a background check. The background checks have been completed and the appointments are now final.
The Governor made his appointments on January 12 and they are:
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).