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MD SB6
Maryland Teachers and State Employees Supplemental Retirement Plans - Automatic Enrollment - Study
summary
Introduced
01/11/2023
01/11/2023
In Committee
03/21/2023
03/21/2023
Crossed Over
03/20/2023
03/20/2023
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Maryland Teachers and State Employees Supplemental Retirement Plans - Automatic Enrollment - Study FOR the purpose of requiring the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to study options and develop recommendations to implement an automatic enrollment arrangement for certain State employees; requiring an eligible employer to deduct wages of an employee for contribution to a supplemental retirement plan in accordance with an automatic enrollment arrangement, unless the employee has elected to withdraw from or cease to contribute to the supplemental retirement plan; and generally relating to the automatic enrollment of State employees into supplemental retirement plans. BY repealing and reenacting, with amendments, Article - State Personnel and Pensions Section 35-101 Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) BY adding to Article - State Personnel and Pensions Section 35-206 Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) Underlining indicates amendments to bill. Strike out indicates matter stricken from the bill by amendment or deleted from the law by amendment. SENATE BILL 6
AI Summary
This bill requires the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to study options and develop recommendations to implement an automatic enrollment arrangement for certain state employees. The bill also states that eligible employers must deduct wages of an employee for contribution to a supplemental retirement plan in accordance with an automatic enrollment arrangement, unless the employee has elected to withdraw from or cease to contribute to the supplemental retirement plan. The study must examine various aspects of automatic enrollment, such as the implementation in other states, investment options, and administrative and investment management fees. The Board must report its findings and recommendations by November 1, 2023.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Hearing 4/04 at 1:30 p.m. (on 04/04/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0006?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/sb/sb0006t.pdf |
| Favorable with Amendments 623421/1 Adopted | https://mgaleg.maryland.gov/2023RS/amds/bil_0006/sb0006_62342101.pdf |
| Vote Image | https://mgaleg.maryland.gov/2023RS/votes_comm/sb0006_b&t.pdf |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/sb/sb0006f.pdf |
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