Section 20 Secure Choice 1

Said chapter 29 is hereby further amended by inserting after section 2KKKKKK the following section:-
Section 2LLLLLL. (a) There is hereby established in the office of the state treasurer a separate, non-budgeted special revenue fund known as the Massachusetts Secure Choice Savings Fund which shall be administered by the state treasurer. The fund shall be credited with: (i) money from the payment of fees, penalties and other payments due to the Massachusetts secure choice savings program established in section 64H; (ii) appropriations or other money authorized or transferred by the general court and specifically designated to be credited to the fund and any funds appropriated by the federal or local governments; (iii) private contributions and publicly or privately-funded grants; and (iv) any interest earned on the assets of the fund. Monies in the fund that are unexpended at the end of the fiscal year shall not revert to the General Fund and shall be available for expenditure in the subsequent fiscal year. Section 38 shall not apply to any investment of the fund.
(b) The fund shall cover all expenses associated with the administration of the Massachusetts secure choice savings program not otherwise covered by the program, including, but not limited to, expenses related to program compliance and oversight responsibilities.
(c) The Massachusetts secure choice savings board, as established in section 64G, shall establish guidelines regarding administration of the fund.