Bill > S4012

Introduced Session

This bill requires that any public entity within the State that offers to its employees a deferred compensation plan to also offer a Roth contribution option for the employees who participate in the plan. Roth contribution options permit employees to make after-tax contributions to the retirement account through salary deductions. These after-tax contributions, and any subsequent earnings, can be withdrawn tax-free in retirement. Under current law, there is no requirement that a Roth contribution option be made available to public employees who choose to participate in their respective deferred compensation retirement plan. Under current law, public employers may offer a deferred compensation plan to their employees. Deferred compensation plans provide an opportunity to voluntarily shelter a portion of an employee's salary from federal income taxes to save for retirement to supplement Social Security and any other retirement plan provided by public employers to their employees.

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Jim Beach (D)*,  Vince Polistina (R)*, 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 06/26/2023)

Official Document