Bill > H1730

This bill amends Chapter 149 of the General Laws to introduce a new section, 181A, which prohibits employers from making matching contributions or annual additions to an employee's 401(k) plan in a single lump sum during a taxable year. A 401(k) plan, as defined in the bill, refers to various types of retirement savings plans established under section 401(k) of the U.S. Internal Revenue Code, including traditional, safe harbor, SIMPLE, and automatic enrollment 401(k)s. Instead, any employer contributions to these plans must be made at the same regular pay period as the employee's wages or compensation. This change aims to regulate how employers contribute to their employees' retirement savings.