Bill > H33

This bill amends the existing laws governing the SMART Plan, which is a deferred compensation program for state employees in Massachusetts. The key provisions of the bill are: 1. It changes the term "independent contractors" to "contracted employees" within the SMART Plan framework. 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 the program. These employees will be considered members of the state retirement system. 3. It establishes an automatic enrollment feature for the SMART Plan, which will apply to new state employees hired on or after June 1, 2022, unless the employee opts out within 90 days. The feature also allows certain local government bodies to implement automatic enrollment for their employees. The automatic enrollment provisions include details such as the maximum deferral percentage, annual contribution increases, default investment options, and refund policies for employees who opt out within the 90-day period.

Labor and Employment

https://malegislature.gov/Bills/192/H33