Bill
Bill > HB296
MD HB296
Maryland Teachers and State Employees Supplemental Retirement Plans - Automatic Enrollment
summary
Introduced
01/25/2023
01/25/2023
In Committee
01/25/2023
01/25/2023
Crossed Over
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 FOR the purpose of requiring the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans 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)
AI Summary
This bill requires the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to implement an automatic enrollment arrangement for certain state employees hired on or after January 1, 2024. Under this arrangement, eligible employers must deduct a minimum amount from the employee's wages for contribution to a supplemental retirement plan, unless the employee elects to withdraw from or contribute a different amount to the plan. The bill also provides requirements for the notice and information that must be provided to employees enrolled in the automatic enrollment arrangement.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
House Appropriations Hearing (13:00:00 2/14/2023 ) (on 02/14/2023)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0296?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0296f.pdf |
Loading...