Bill > H2517

This bill amends existing laws to allow for the automatic enrollment of new state and municipal employees into the Commonwealth's deferred compensation program, known as the SMART Plan. Key provisions include: (1) allowing automatic enrollment for new state employees hired on or after June 1, 2022, without requiring prior authorization, (2) allowing governmental bodies to elect to implement automatic enrollment for their new employees, (3) capping the automatic deferral at the IRS safe harbor maximum, (4) allowing employees to opt-out within 90 days and receive a refund, and (5) requiring the use of a qualified default investment option for automatically enrolled employees who do not choose their own investment.

Labor and Employment

https://malegislature.gov/Bills/193/H2517