MN Secure Choice at SouthPoint Investment Services MN Secure Choice at SouthPoint Investment Services

Minnesota Secure Choice Program

Key facts of Minnesota’s state-sponsored retirement program

Minnesota Secure Choice is Minnesota’s mandatory retirement savings program. Let’s take a look at the details. More details to be provided as we learn more. Make sure you check back often for updates.

What is it?

Minnesota Secure Choice requires that employers with 5 or more employees offer a qualified retirement savings plan. If they don’t offer their own plan, they must join the state’s program

How does it work?

The program will establish IRAs for employees, allowing them to contribute a portion of their pay. The Minnesota board of directors for the program will meet prior to January 1, 2025 to determine program guidelines and regulations. Employees must be allowed to opt out or change their contribution rate at any time. The board will also establish deadlines for compliance and penalties for noncompliance.

What if an employer has a retirement plan?

The employer maintains a qualified retirement program already, the employer is exempt from this program.

SouthPoint Investment Services has better options

Due to the administrative burden and limitations associated with this program, employers may be interested in seeking other options. Now is a great time for employers to look at setting up their own retirement plans. At SouthPoint Investment Services, we specialize in helping find the perfect retirement plan solution for our clients. We’re available and ready to guide employers to the best option that fits their organization’s needs.

Contact one of our Financial Advisors today to learn more.

Bob Skillings Financial Advisor at SouthPoint Investment ServicesBob Skillings
Financial Advisor

Located At
706 North German St
New Ulm, MN 56073
877-794-6712
Email: [email protected]

 

 

 

Joey SouthPoint Investment Services Financial AdvisorJoey Warta
Financial Advisor

Located At
706 North German St
New Ulm, MN 56073
877-794-6712
Email: [email protected]

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