Bill > H29

This bill amends the Massachusetts General Laws to make several changes to the SMART Plan, which is the Commonwealth's deferred compensation program. The key provisions include: 1) Replacing the term "independent contractors" with "contracted employees" in the law. 2) Allowing the State Treasurer to adopt budgets for the SMART Plan, including salaries for Treasury employees who work on the program, which would be funded from the plan's administrative expense account. 3) Authorizing the State Treasurer to establish an automatic enrollment feature for the SMART Plan, which would apply to new state and local government employees hired on or after June 1, 2017, unless the employee opts out. The automatic enrollment would have certain parameters, such as a maximum contribution amount and the ability for the employee to receive a refund if they discontinue participation within 90 days. 4) Allowing governmental bodies to elect to have the automatic enrollment feature apply to their new employees as part of the SMART Plan.

Labor and Employment

https://malegislature.gov/Bills/190/H29