summary
Introduced
01/24/2019
01/24/2019
In Committee
04/25/2019
04/25/2019
Crossed Over
Passed
Dead
12/31/2020
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://malegislature.gov/Bills/191/S2267 |
Bill | https://malegislature.gov/Bills/191/S2267.pdf |
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