Bill > SB322

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 state employees hired on or after January 1, 2025. The bill mandates that eligible employers deduct a minimum amount from the wages of these employees to contribute to a supplemental retirement plan, unless the employee elects to withdraw from or contribute a different amount to the plan. The bill also outlines the information that must be provided to employees enrolled in the automatic enrollment arrangement, and specifies how the contributions will be invested. This bill applies only to individuals eligible to participate in a supplemental retirement plan who commence employment or are reinstated on or after January 1, 2025, and takes effect on October 1, 2024.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0322?ys=2024RS