Establishing the West Virginia Secure Choice retirement program

The purpose of this bill is to create a Secure Choice trust as an instrumentality of the state to hold employee payroll deductions, contributions, and earnings on the contributions and to establish a Secure Choice administrative fund in the state treasury as a fund separate and apart from the Secure Choice trust for employers engaged in a business, industry, profession, trade, or other enterprise in West Virginia, whether for profit or not for profit, who have five or more covered employees and the employers do not sponsor or contribute to and did not in the immediately preceding 12 months sponsor or contribute to a retirement savings plan for its employees.