SB226: SB226 Peach State Saves Programs; provide for creation

25 LC 56 0309 Senate Bill 226 By: Senators Hufstetler of the 52nd, Williams of the 25th, Burns of the 23rd, Summers of the 13th, Albers of the 56th and others A BILL TO BE ENTITLED AN ACT To amend Title 34 of the Official Code of Georgia Annotated, relating to labor and industrial1 relations, so as to provide for the creation of the Peach State Saves program, a defined2 contribution retirement program; to provide for definitions; to provide for appointment of a3 board of trustees; to provide for vacancies on such board; to provide for quorum, expenses,4 authority, powers, and duties of such board; to provide for vol untary participation in the5 program; to provide for compliance with federal law; to provide f o r a l e g a l a d v i s e r ; t o6 provide for membership and eligibility requirements; to provide for certain program details;7 to provide for varied investment options; to provide for interg overnmental agreements; to8 provide for disclosures; to provide for the allowable uses of s uch fund; to provide for the9 purchasing of insurance; to provide for the hiring or retention of personnel; to provide for the10 securing of loans; to provide for regular audits; to provide fo r violations of chapter and11 penalties; to provide for limitations on liability; to provide for the confidentiality of program12 participants; to provide for a date for the establishment of the program; to provide for related13 matters; to repeal conflicting laws; and for other purposes.14 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:15 S. B. 226 - 1 - 25 LC 56 0309 SECTION 1.16 Title 34 of the Official Code of Georgia Annotated, relating to labor and industrial relations,17 is amended by adding a new chapter to read as follows:18 "CHAPTER 1119 34-11-1.20 As used in this chapter, the term:21 (1) 'Administrative expenses' means all expenses incurred in t he operation of the22 program, including investment expenses, board expenses, and expenses associated with23 operating the Peach State Saves program.24 (2) 'Board' means the Peach State Saves program board of trust ees as provided for in25 Code Section 34-11-3, whose purpose is to administer the program.26 (3) 'Covered employee' means an individual who is employed by a covered employer,27 who has wages or other compensation that is taxable by the state, and who is 18 years of28 age or older. Such term shall not include:29 (A) Any employee covered under the federal Railway Labor Act, 45 U.S.C.30 Section 151;31 (B) Any employee on whose behalf an employer makes contributio ns to a32 multiemployer pension trust fund under 29 U.S.C. Section 186; or33 (C) Any individual who is an employee of:34 (i) The federal government;35 (ii) Any state government in the United States;36 (iii) Any county, municipal corporation, or political subdivision of this state or any37 other state of the United States;38 S. B. 226 - 2 - 25 LC 56 0309 (iv) Any employee for whom the employer does not pay unemploym ent insurance39 premiums in this state according to the records of the Department of Labor; or40 (v) Any employee who has been employed by a covered employer w ho was first41 employed by such covered employer on or after January 1 of the current calendar42 year.43 (4) 'Covered employer' means any person, partnership, limited liability company,44 corporation, or other entity engaged in a business, industry, p rofession, trade, or other45 enterprise in the state, including a nonprofit entity, that employs, and during the previous46 calendar year employed, at least five covered employees, and that has been in business47 in this state for at least one complete calendar year. Such term shall not include:48 (A) The federal government;49 (B) The State of Georgia;50 (C) Any county, municipal corporation, or political subdivision of the state; or51 (D) Any employer that has maintained a specified tax-favored retirement plan, other52 than the Peach State Saves program, for its employees at any time within the preceding53 two years.54 (5) 'ERISA' means the Employee Retirement Income Security Act of 1974, 29 U.S.C.55 Section 1001, et seq.56 (6) 'Internal Revenue Code' means the United States Internal Revenue Code of 1986, as57 amended.58 (7) 'IRA' means a traditional or Roth individual retirement ac count or individual59 retirement annuity under Section 408(a), 408(b), or 408A of the Internal Revenue Code.60 (8) 'Participant' means a covered employee or other individual who has a balance61 credited to his or her account under the program.62 (9) 'Participating employer' means a covered employer that is participating in the63 program.64 S. B. 226 - 3 - 25 LC 56 0309 (10) 'Payroll deduction IRA' means an arrangement by which a covered employer allows65 covered employees to contribute to an IRA by means of payroll deduction.66 (11) 'Program' means the Peach State Saves program provided for in this chapter.67 (12) 'Roth IRA' means a Roth individual retirement account or individual retirement68 annuity under Section 408A of the Internal Revenue Code.69 (13) 'Specified tax-favored retirement plan' means a retirement plan that is tax qualified70 under, or is described in and satisfies the requirements of, Section 401(a), 401(k), 403(a),71 403(b), 408(k), or 408(p) of the Internal Revenue Code.72 (14) 'Total fees and expenses' means all fees, costs, and expe nses, including, but not73 limited to, administrative expenses, investment expenses, investment advice expenses,74 accounting costs, actuarial costs, legal costs, marketing expen ses, education expenses,75 trading costs, insurance annuitization costs, and other miscellaneous costs.76 (15) 'Traditional IRA' means a traditional individual retireme nt account or traditional77 individual retirement annuity under Section 408(a) or (b) of the Internal Revenue Code.78 (16) 'Wages' means any compensation, as such term is defined i n Section 219(f)(1) of79 the Internal Revenue Code, paid to a covered employee by his or her employer during a80 calendar year.81 34-11-2.82 There is created, for the purposes described in this chapter, the Peach State Saves program83 which shall be a budget unit to which funds may be appropriated as provided in Part 1 of84 Article 4 of Chapter 12 of Title 45, the 'Budget Act.'85 34-11-3.86 (a) The administration and responsibility for the proper operation of the program and for87 effectuating this chapter are vested in the board.88 S. B. 226 - 4 - 25 LC 56 0309 (b) The board shall be composed of all members of the Board of Trustees of the89 Employees' Retirement System of Georgia and three additional members appointed by the90 Governor, each of whom shall have relevant expertise in retirement, investments, or small91 business.92 (c) To effect staggered terms of office for members of the boa rd appointed by the93 Governor, and effective with members appointed for terms beginn ing in 2025, the94 Governor shall appoint for terms effective January 1, 2026, one member for a two-year95 term of office, one member for a three-year term of office, and one member for a four-year96 term of office. Thereafter, all members appointed by the Governor shall be appointed to97 serve four-year terms of office. Members shall be eligible for reappointment.98 (d) If a vacancy occurs on the board, the vacancy shall be filled for the unexpired term in99 the same manner as the original appointment.100 (e) The board members shall be reimbursed for all actual trave l and other expenses101 necessarily incurred through service on the board. State officials serving ex officio shall102 not receive the daily expense allowance but shall be entitled t o reimbursement of actual103 expenses.104 (f) A majority of the voting members of the board shall consti tute a quorum to transact105 business.106 34-11-4.107 (a) The board shall have the authority, powers, and duties to:108 (1) Design and implement the program consistent with the provisions of this chapter;109 (2) Establish trusts consistent with the provisions of this chapter;110 (3) Provide for the collection of all moneys provided for in this chapter;111 (4) Provide for the payment of all administrative expenses;112 S. B. 226 - 5 - 25 LC 56 0309 (5) Make and promulgate all necessary rules and regulations, not inconsistent with the113 laws of this state, to carry out the provisions of this chapter and to distribute such rules114 and regulations to program participants;115 (6) Determine eligibility of persons to receive retirement benefits under this chapter;116 (7) Keep an accurate account of all the activities, operations, receipts, and expenditures117 of the program and the board;118 (8) Cause the program to be designed, established, and operated to:119 (A) Encourage participation, saving, sound investment practice s, and appropriate120 selection of default investments;121 (B) Maximize simplicity and ease of administration of the prog ram for eligible122 employers;123 (C) Minimize total fees and expenses;124 (D) Minimize costs, including by collective investment and economies of scale; and125 (E) Establish rules and procedures promoting portability of be nefits, including the126 ability to make tax-free rollovers or transfers from IRAs under the program to other127 IRAs or to tax qualified plans that accept such rollovers or transfers, provided that any128 such rollover is initiated by a participant;129 (9) Design, develop, and implement the program, and, to that end, conduct market, legal,130 and feasibility analyses;131 (10) Establish rules and procedures governing the distribution of funds from the132 program, including such distributions as may be permitted or required by the program and133 any applicable provisions of tax laws, with the objectives of m aximizing financial134 security in retirement, protecting spousal rights, and assisting participants to effectively135 manage the decumulation of their savings and to receive payment of their benefits under136 the program. The board shall have the authority, in its discretion, to provide for one or137 more reasonably priced distribution options to provide a source of fixed regular138 S. B. 226 - 6 - 25 LC 56 0309 retirement income, including income for life or for the partici pant's life expectancy, or139 for joint lives and life expectancies, as applicable;140 (11) Arrange for collective, common, and pooled investment of assets of the program,141 including investments in conjunction with other funds with which assets are permitted to142 be collectively invested, to save costs through efficiencies and economies of scale;143 (12) Employ or retain an executive director, who shall be the executive director of the144 Employees' Retirement System of Georgia, and a program administrator, staff, trustee,145 record keeper, investment managers, investment advisers, and ot her administrative,146 professional, and expert advisers and service providers, none of whom shall be trustees147 of the board and all of whom shall serve at the pleasure of the board, which shall148 determine their duties and compensation. The board may authorize the executive director149 and other officials to oversee requests for proposals or other public competitions and150 enter into contracts on behalf of the board or conduct any busi ness necessary for the151 efficient operation of the program or the board;152 (13) Arrange for and facilitate compliance by the program, or arrangements established153 under the program, with all applicable requirements for the program under the Internal154 Revenue Code, including requirements for favorable tax treatment of the IRAs, and under155 any other applicable federal or state law and accounting requir ements, including using156 best efforts to implement procedures minimizing the risk that c overed employees will157 contribute more to an IRA than the amount they are eligible under the Internal Revenue158 Code to contribute to the IRA on a tax-favored basis, and other wise providing or159 arranging for assistance to covered employers and covered employees in complying with160 applicable law and tax related requirements in a cost-effective manner;161 (14) Establish procedures for the timely and fair resolution o f participant and other162 disputes related to accounts or program operation;163 S. B. 226 - 7 - 25 LC 56 0309 (15) Evaluate the need for, and procure if and as deemed neces sary, insurance against164 any and all loss in connection with the property, assets, or ac tivities of the program. 165 Evaluate the need for, and procure if and as deemed necessary, pooled private insurance;166 (16) Indemnify each trustee of the board from personal loss or liability resulting from a167 trustee's action or inaction;168 (17) Develop and implement an investment policy defining the p rogram's investment169 objectives, consistent with the objectives of the program, and providing for policies and170 procedures consistent with such investment objectives;171 (18) Cause expenses incurred in the initiation, implementation , maintenance, and172 administration of the program to be paid from contributions to, or investment returns or173 assets of, the program or other funds collected by or for the p rogram or pursuant to174 arrangements established under the program to the extent permit ted under federal and175 state law;176 (19) Collect application, account, or administrative fees and to accept any grants, gifts,177 legislative appropriation, loans, and other moneys from the sta te; any unit of federal,178 state, or local government; or any other person, firm, or entit y to defray the costs of179 administering and operating the program;180 (20) Ensure that all contributions to IRAs under the program may be used only to181 (A) Pay benefits to participants under the program;182 (B) Pay the administrative costs the program; and183 (C) Make investments for the benefit of the program; and184 (21) Collaborate with, and evaluate the role of, financial adv isors or other financial185 professionals, including in assisting and providing guidance for covered employees.186 (b) The board shall also have all other powers necessary for the proper administration of187 this chapter.188 S. B. 226 - 8 - 25 LC 56 0309 34-11-5.189 (a) Trustees of the board shall discharge their duties as fidu ciaries with respect to the190 program solely in the interest of the program participants as follows:191 (1) For the exclusive purpose of providing benefits to partici pants and defraying192 reasonable expenses of administering the program; and193 (2) With the care, skill, prudence, and diligence under the circumstances then prevailing194 that a prudent person acting in a like capacity and familiar with those matters would use195 in the conduct of an enterprise of a like character and with like aims.196 (b) A trustee of the board, program administrator, or other staff of the board shall not:197 (1) Directly or indirectly, have any interest in the making of any investment under the198 program or in any gains or profits accruing from any such investment;199 (2) Borrow any program related funds or deposits, or use any such funds or deposits in200 any manner, for himself or herself or as an agent or partner of others; or201 (3) Become an endorser, surety, or obligor on investments made under the program.202 34-11-6.203 The Attorney General shall be the legal adviser of the board.204 34-11-7.205 The board may establish any processes to verify whether a perso n or entity is a covered206 employer, including reference to online data and possible use of questions in employer tax207 filings, consistent with the objective of avoiding to the fulle st extent practicable any208 requirement that an employer that is not a covered employer register with the program or209 take other action to demonstrate that it maintains a specified tax-favored retirement plan210 or is exempt for other reasons from being treated as a covered employer.211 S. B. 226 - 9 - 25 LC 56 0309 34-11-8.212 (a) Contributions by participants shall be made through payroll deductions. Such amount213 so deducted shall be credited to the individual account of the participant. Earnings shall214 be credited to each participant's account pursuant to rules and regulations adopted by the215 board.216 (b) If the participant ceases to be a covered employee, such p articipant's account shall217 continue to accrue earnings in the same manner as any participant's account.218 (c) A participant's account balance in the program shall at all times be 100 percent vested219 and nonforfeitable.220 34-11-9.221 (a) The board shall, consistent with federal law and regulation, adopt and implement the222 program, which shall remain in compliance with federal law and regulations once223 implemented and shall be called the Peach State Saves program.224 (b) In accordance with program terms and conditions and any ru les and regulations225 promulgated by the board, the program shall:226 (1) Be set forth in documents prescribing the terms and conditions of the program;227 (2) Allow eligible individuals in the state to choose whether or not to contribute to an228 IRA under the program, including allowing covered employees in the state the choice to229 contribute to an IRA through payroll deduction under the program;230 (3) Allow for voluntary contributions by others, including self-employed individuals and231 independent contractors, through payroll deduction or otherwise;232 (4) Require each covered employer to offer its employees the choice whether or not to233 contribute to a payroll deduction IRA by automatically enrollin g them in the payroll234 deduction IRA with the opportunity to opt out;235 (5) Allow, at the discretion of the board, employers that are not covered employers236 because they are exempt from covered employer status to participate in the program by237 S. B. 226 - 10 - 25 LC 56 0309 offering program enrollment to their employees, taking into acc ount, among other238 considerations, the potential legal consequences and the degree of employer demand to239 participate or facilitate participation by employees;240 (6) Provide that the IRA to which contributions are made will be a Roth IRA, except that241 the board shall have the authority at any time to add an option for all participants to242 affirmatively elect to contribute to a traditional IRA as an alternative to the Roth IRA or243 to have both a traditional and a Roth IRA through the program;244 (7) Provide that, unless otherwise specified by a covered empl oyee, the covered245 employee shall automatically contribute 5 percent of his or her wages to the program,246 subject in all cases to the IR A contribution do llar limits applicable under the Internal247 Revenue Code. The board is authorized, in its discretion, from time to time to change,248 the 5 percent automatic default contribution rate as provided for in paragraph (9) of this249 subsection;250 (8) The board shall strive to design and implement investment options available to251 participants established as part of the program and other progr am features that are252 intended to achieve maximum possible income replacement balanced with an appropriate253 level of risk in an IRA based environment consistent with the investment objectives under254 the policy. The investment options may encompass a range of ri sk and return255 opportunities and allow for a rate of return commensurate with an appropriate level of256 risk in view of the investment objectives under the policy. Th e menu of investment257 options shall be determined taking into account the nature and objectives of the program,258 the desirability of limiting investment choices under the program to a reasonable number,259 and the extensive investment choices available to participants in the event that such260 participants roll over to an IRA outside the program;261 (9) Provide on a uniform basis, if and when the board so determines and in its discretion,262 for annual increases of each participant's contribution rate by not more than 1 percent of263 wages per year, up to a maximum of 10 percent. Any such increa ses shall apply to264 S. B. 226 - 11 - 25 LC 56 0309 participants, as determined by the board, by default or only if initiated by affirmative265 participant election, in either case subject to the IRA contribution limits applicable under266 the Internal Revenue Code;267 (10) Permit no employer contributions;268 (11) Be professionally managed;269 (12) Provide for direct deposit of contributions into investments under the program; and270 (13) Provide for reports on the status of each participant's account to be provided to each271 participant at least annually and make best efforts to provide participants frequent or272 continual online access to information on the status of their accounts.273 34-11-10.274 (a) The board may enter into an intergovernmental agreement with the state or any agency275 thereof to receive outreach, technical assistance, enforcement and compliance services,276 collection or dissemination of information pertinent to the pro gram, or other services or277 assistance. The state and any agencies thereof that enter into such agreements shall278 collaborate to provide the outreach, assistance, information, a nd compliance or other279 services or assistance to the board. The agreement may cover the sharing of costs incurred280 in gathering and disseminating information and the reimbursemen t of costs for any281 enforcement activities or assistance. In order to facilitate t he implementation of this282 chapter, the Department of Labor and the Department of Revenue shall be required to enter283 into such agreements as are necessary to effectuate the program requirements.284 (b) The board may make and enter into competitively procured c ontracts, agreements,285 memoranda of understanding, arrangements, partnerships, or othe r arrangements to286 collaborate and cooperate with, and to retain, employ, and contract with or for any of the287 following to the extent necessary or desirable, for the effecti ve and efficient design,288 implementation, and administration of the program consistent with the purposes set forth289 in this chapter and to maximize outreach to covered employers and covered employees:290 S. B. 226 - 12 - 25 LC 56 0309 (1) Services of private and public financial institutions, dep ositories, consultants,291 actuaries, counsel, auditors, investment advisers, investment administrators, investment292 management firms, other investment firms, third-party administrators, other professionals293 and service providers, and state public retirement systems;294 (2) Research, technical, financial, administrative, and other services; and295 (3) Services of other state agencies to assist the board in the exercise of its powers and296 duties.297 (c) The board may make and enter into competitively procured c ontracts, agreements,298 memoranda of understanding, arrangements, partnerships, or othe r arrangements to299 collaborate and cooperate with, coordinate, or combine resource s, investments, or300 administrative functions with other governmental entities, including states or their agencies301 or instrumentalities that maintain or are establishing retireme nt savings programs302 compatible with the program, including collective, common, or pooled investments with303 other funds of other states' programs with which the assets of the program are permitted by304 law to be collectively invested, to the extent necessary or des irable for the effective and305 efficient design, administration, and implementation of the pro gram consistent with the306 purposes set forth in this chapter, including the purpose of achieving economies of scale307 and other efficiencies designed to minimize costs for the program and its participants and308 the provisions of this chapter.309 (d) When possible and practicable, the board shall use employer, other private sector, and310 public infrastructure as well as common, collective, or pooled investment arrangements to311 the extent desirable, to facilitate and enhance the effectiveness and efficiency of program312 outreach, enrollment, contributions, record keeping, investment, distributions, compliance,313 and other aspects of program design, administration, and implementation consistent with314 the purposes set forth in this chapter, including the purpose of achieving economies of scale315 and other efficiencies designed to minimize costs for the program and its participants and316 the provisions of this chapter.317 S. B. 226 - 13 - 25 LC 56 0309 (e) The board shall ensure that the program is designed and im plemented in a manner318 consistent with federal law, including favorable federal tax treatment, to the extent that it319 applies and consistent with the program not being preempted by ERISA.320 34-11-11.321 (a) The board shall develop and disseminate materials designed to educate participants and322 potential participants about the benefits of planning and saving for retirement and to help323 participants decide the level of participation and savings strategies that may be appropriate,324 including information in furtherance of financial capability and financial literacy.325 (b) The board shall adopt rules that specify the contents, frequency, timing, and means of326 required disclosures from the program to covered employees, participants, other individuals327 eligible to participate in the program. Such disclosures shall include at least:328 (1) The benefits associated with tax-favored retirement saving;329 (2) The potential advantages and disadvantages associated with contributing to Roth330 IRAs and, if applicable, traditional IRAs under the program;331 (3) The eligibility rules for Roth IRAs and, if applicable, traditional IRAs;332 (4) That the individual will be solely responsible for determi ning whether, and, if so,333 how much, the individual is eligible to contribute on a tax-favored basis to an IRA;334 (5) The penalty for excess contributions to IRAs and the metho d of correcting excess335 contributions;336 (6) Instructions for enrolling, making contributions, and opting out of participation;337 (7) Instructions for opting out of the Roth IRA, the default c ontribution rate, and the338 default investment if the covered employee prefers a traditional IRA, a higher or lower339 contribution rate, or a different investment alternative;340 (8) The potential availability of a saver's tax credit or saver's match program, including341 the eligibility conditions for the credit and instructions on how to claim it;342 S. B. 226 - 14 - 25 LC 56 0309 (9) That employees seeking tax, investment, or other financial advice should contact343 appropriate professional advisors, and that covered employers a re not in a position to344 provide such advice and are not liable for decisions individual s make in relation to the345 program;346 (10) That the payroll deduction IRAs are intended not to be em ployer sponsored347 retirement plans and that the program is not an employer sponsored retirement plan;348 (11) The potential implications of account balances under the program for the application349 of asset limits under certain public assistance programs;350 (12) That the account owner is solely responsible for investment performance, including351 market gains and losses, and that IRA accounts and rates of return are not guaranteed by352 any employer, the state, the board, any board member or state official, or the program;353 (13) Additional information about retirement and saving and other information designed354 to promote financial literacy and capability; and355 (14) How to obtain additional information about the program.356 34-11-12.357 (a) The board shall annually cause an audit of activities of the board, including, operations,358 receipts, and expenditures to be maintained. Such audit shall be conducted by a certified359 public accountant and shall include, but not be limited to, dir ect and indirect costs360 attributable to the use of outside consultants, independent con tractors, and any other361 persons who are not state employees for the administration of t he program. For the362 purposes of the audit, an auditor shall have access to the prop erties and records of the363 program and board and may prescribe methods of accounting and the rendering of periodic364 reports in relation to projects undertaken by the program.365 (b) By six months after the end of each fiscal year, the board shall prepare and provide to366 the Governor, the state treasurer, the appropriate committees of the Senate and House of367 Representatives, and the public an audited financial report, pr epared in accordance with368 S. B. 226 - 15 - 25 LC 56 0309 generally accepted accounting principles, detailing the activities, operations, receipts, and369 expenditures of the program and board during the preceding calendar year.370 34-11-13.371 (a) If a covered employer fails without reasonable cause to enroll a covered employee as372 required under this chapter, the covered employer shall be subject to a penalty, payable to373 the state, equal to:374 (1) For the first calendar year the covered employer is noncom pliant, $250.00 per375 employee; or376 (2) For each subsequent calendar year the covered employer is noncompliant, $500.00377 per employee; noncompliance does not need to be consecutive to qualify for such378 $500.00 penalty.379 (b) The Department of Labor or the board shall have authority to impose the penalty in380 subsection (a) of this Code section upon a finding that such violation has occurred.381 (c) No penalty shall be imposed under subsection (a) of this Code section for any failure382 for which it is established that the covered employer subject to liability for the penalty did383 not know the failure existed and exercised reasonable diligence to meet the requirements384 of this chapter.385 (d) No penalty shall be imposed under subsection (a) of this Code section for any failure386 if the covered employer corrects the violation within 90 days from the first date the covered387 employer knew, or exercising reasonable diligence would have kn own, the violation of388 subsection (a) of this Code section existed.389 (e) A covered employer shall transmit a payroll deduction contribution to the program on390 the earliest date the amount withheld from the covered employee 's compensation can391 reasonably be segregated from the covered employer's assets, but not later than the fifteenth392 day of the month following the month in which the covered emplo yee's contribution393 amounts are withheld from his or her paycheck. Failure to remit such contributions on a394 S. B. 226 - 16 - 25 LC 56 0309 timely basis shall be subject to a penalty, payable to the stat e, equal to $500.00 per395 violation. The Department of Labor or the board shall have aut hority to impose such396 penalty, upon a finding that such violation has occurred.397 34-11-14.398 (a) An eligible employer, a participating employer, or other employer is not and shall not399 be liable for or bear responsibility for:400 (1) An employee's decision as to which investments to choose;401 (2) Investment decisions of the board or participants;402 (3) The administration, investment, investment returns, or investment performance of the403 program, including, but not limited to, any interest rate or ot her rate of return on any404 contribution or account balance, provided that the eligible emp loyer, participating405 employer, or other employer is not involved in the administrati on or investment of the406 program;407 (4) Individuals' awareness of or compliance with the conditions and other provisions of408 the tax laws that determine which individuals are eligible to m ake tax-favored409 contributions to IRAs, in what amount, and in what time frame and manner;410 (5) The program design or the benefits paid to participants; or411 (6) Any loss, failure to realize any gain, or any other adverse consequences, including,412 but not limited to, any adverse tax consequences or loss of favorable tax treatment, public413 assistance, or other benefits incurred by any person solely and directly as a result of414 participating in the program.415 (b) No covered employer or other employer shall be, or shall b e considered to be, a416 fiduciary in relation to the program or any arrangement under the program.417 S. B. 226 - 17 - 25 LC 56 0309 34-11-15.418 (a) The state, the board, each trustee of the board, any other state official, state board,419 commission, and agency, any member, officer, and employee there of, and the program420 shall:421 (1) Have no responsibility for compliance by individuals with the conditions and other422 provisions of the Internal Revenue Code that determine which individuals are eligible to423 make tax-favored contributions to IRAs, in what amount, and in what time frame and424 manner;425 (2) Have no duty, responsibility, or liability to any party for the payment of any benefits426 under the program, regardless of whether sufficient funds are available under the program427 to pay such benefits;428 (3) Not guarantee any interest rate or other rate of return on or investment performance429 of any contribution or account balance; and430 (4) Not be liable or responsible for any loss, deficiency, failure to realize any gain, or any431 other adverse consequences, including, but not limited to, any adverse tax consequences432 or loss of favorable tax treatment, public assistance, or other benefits, incurred by any433 person as a result of participating in the program.434 (b) Nothing in this chapter shall be construed to guarantee any interest rate or other rate435 of return on or investment performance of any contribution or account balance.436 34-11-16.437 (a) Individual account information relating to accounts under the program and relating to438 individual participants, including, but not limited to, names, addresses, telephone numbers,439 email addresses, personal identification information, investmen ts, contributions, and440 earnings shall be confidential and shall be maintained as confidential, provided that such441 information may be disclosed:442 S. B. 226 - 18 - 25 LC 56 0309 (1) To the extent necessary to administer the program in a manner consistent with this443 chapter, the Internal Revenue Code, or any other federal or state law; or444 (2) If the individual who provides the information or who is t he subject of the445 information expressly agrees in writing to the disclosure of the information.446 (b) Information required to be confidential under subsection (a) of this Code section shall447 not be subject to Article 4 of Chapter 18 of Title 50, relating to open records.448 34-11-17.449 The board may, in its discretion, phase in the program so that the ability to contribute first450 applies on different dates for different classes of individuals , including employees of451 employers of different sizes or types and individuals who are not employees, provided that452 any such staged or phased-in implementation schedule shall be substantially completed on453 or before January 1, 2028. Reserved."454 SECTION 2.455 All laws and parts of laws in conflict with this Act are repealed.456 S. B. 226 - 19 -