Bill > H2809

This bill requires administrators of retirement plans offered by political subdivisions in the state to provide more transparent financial disclosures to plan participants. Specifically, starting January 1, 2026, these administrators must disclose two key pieces of information: (1) the fee ratio and net investment returns for each investment option in the retirement plan, and (2) the fees paid to any investment advisors who provide guidance to plan participants, either directly or through publications. These disclosures must be made when an employee initially enrolls in the retirement plan and at least once per year thereafter. The bill defines "retirement plan" as any plan created under Section 403(b) of the Internal Revenue Code, which typically refers to tax-sheltered annuity plans for employees of public schools, certain tax-exempt organizations, and religious institutions. The goal of this legislation appears to be increasing transparency and helping employees better understand the costs and performance of their retirement investment options.

Labor and Employment

https://malegislature.gov/Bills/194/H2809