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Bill > S2267


MA S2267

Relative to the SMART Plan


summary

Introduced
01/24/2019
In Committee
04/25/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation relative to the SMART Plan. Public Service.

AI Summary

This bill amends the Massachusetts General Laws to make changes to the SMART Plan, the state's deferred compensation program. The key provisions include: 1. Replacing the term "independent contractors" with "contracted employees" in the law governing the SMART Plan. 2. Allowing the state treasurer to adopt annual budgets for the SMART Plan, including salaries for treasury employees working on the program, which can be funded from the program's administrative expense account. These employees will be members of the state retirement system. 3. Authorizing the state treasurer to establish an automatic enrollment feature for the SMART Plan, which would apply to new state and local government employees, with certain parameters around contribution limits, opt-out provisions, and default investment options.

Committee Categories

Labor and Employment

Sponsors (2)

Last Action

Accompanied a study order, see H5039 (on 10/15/2020)

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