Bill > H2251

This bill proposes several changes to the SMART Plan, which is a deferred compensation program for public employees in Massachusetts. The key provisions are: 1. It amends the existing law to replace the term "independent contractors" with "contracted employees" in relation to the SMART Plan. 2. It allows the state treasurer to adopt annual and supplemental budgets for the SMART Plan, which can include salaries for treasury employees working on or administering the program. These employees would be considered members of the Massachusetts state employees' retirement system. 3. It authorizes the state treasurer to establish an automatic enrollment feature for the SMART Plan, which would apply to new state and local government employees hired on or after June 1, 2017. The automatic enrollment has specific parameters, such as allowing employees to opt-out within 90 days and having a designated investment option for those who do not choose their own. The overall purpose of the bill is to provide more flexibility and administrative control over the SMART Plan, as well as to encourage greater participation in the deferred compensation program through the automatic enrollment feature.

Labor and Employment

https://malegislature.gov/Bills/191/H2251