Bill > S1794

This bill requires administrators of certain retirement plans offered by local government entities (political subdivisions) to provide specific financial disclosures to plan participants starting January 1, 2026. Specifically, administrators must disclose two key pieces of information: (1) the fee ratio and net investment return for each investment option in the retirement plan, and (2) the fees paid to any investment advisors who provide guidance to plan participants. These disclosures must be made when an employee initially enrolls in the retirement plan and then at least once per year afterward. The bill focuses on 403(b) retirement plans, which are tax-sheltered annuity plans typically used by public schools, non-profit organizations, and certain religious organizations, allowing employees to make pre-tax contributions to investment accounts for retirement savings. By mandating these disclosures, the bill aims to increase transparency and help employees better understand the costs and performance of their retirement investment options.

Labor and Employment

https://malegislature.gov/Bills/194/S1794