Bill > S2166

This bill modifies the existing law regarding the 401(k) CORE (Connecting Our Retirement Ecosystem) plan by making two key changes. First, it removes the existing language that limited the plan to businesses employing no more than 20 persons, which effectively expands the eligibility for the plan to businesses of all sizes. Second, the bill adds a new provision that allows the state treasurer or their designee to seek to reduce the plan's operating expenses through private donations or grants, including direct and indirect fundraising methods. This modification provides more flexibility in funding the retirement plan and potentially reduces costs to the state by allowing external financial support. The bill aims to make the 401(k) CORE plan more accessible and financially sustainable by removing employee count restrictions and enabling alternative funding strategies.

Government Affairs

https://malegislature.gov/Bills/194/S2166