Legislation would offer future financial security to roughly 1.5 million Michiganders without access to a workplace retirement savings plan
LANSING, Mich. (June 17, 2026) — Today, the Michigan Senate passed legislation sponsored by Sens. John Cherry (D-Flint) and Mary Cavanagh (D-Redford Twp.) to ensure Michiganders can access a retirement savings account if they are not offered a plan with their current employer.
“After a lifetime of hard work, Michiganders deserve the opportunity to retire with dignity and financial security,” said Sen. Cherry. “By helping more than 1.5 million workers save for the future, this legislation would reduce senior poverty, help small businesses stay competitive, and strengthen our state’s long-term economic stability. Most importantly, it will give more people financial security as they age.”
Under the MI Secure Retirement Savings program, which would be established by Senate Bill 807, employees who are not currently offered a retirement savings plan through their current employer would be automatically enrolled in a state-run Roth IRA — similar to programs currently offered by 15 other states. Employees would have the option to opt out. Senate Bill 808 would establish a board within the Michigan Dept. of Treasury to oversee the development and administration of the program.
“Far too many people work tirelessly their entire lives only to find themselves without the savings needed to retire with the dignity and peace of mind they’ve earned,” said Sen. Cavanagh. “Our legislation would not only empower 1.5 million Michigan workers to plan and save for their futures — it would also strengthen our economy, reduce reliance on public assistance, and empower seniors to age with independence and financial security.”
Senate Democrats made eliminating the retirement tax one of their first orders of business in the majority and have continued fighting to expand retirement options and financial security for all Michiganders. This legislation is part of Michigan Senate Democrats’ broader A Michigan You Can Afford agenda. The proposal includes plans to make groceries, gas, and other household needs more affordable, cut utility bills, lower healthcare costs, and more. The bills now head to the House for consideration.
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