Bill > H2643

This bill amends Massachusetts law to update the state's deferred compensation program, known as the SMART Plan. Key provisions include: allowing the state treasurer to use SMART Plan administrative funds to pay salaries of treasury employees working on the program, making those employees eligible for the state retirement system, and establishing an automatic enrollment feature for new state employees starting in 2017. The automatic enrollment feature would require a minimum contribution per pay period unless the employee opts out, and would include other guardrails like a 90-day window to discontinue participation and a designated default investment option. Additionally, the bill allows local governmental bodies to choose to adopt the SMART Plan's automatic enrollment feature.

Labor and Employment

https://malegislature.gov/Bills/192/H2643