SB 322 - Requiring the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to Implement an Automatic Enrollment Arrangement - Maryland Key Vote
Timeline
- Senate Bill Passed
- March 14, 2024
- Introduced
- Jan. 12, 2024
Related Issues
Stage Details
Title: Requiring the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to Implement an Automatic Enrollment Arrangement
Vote Smart's Synopsis:
Vote to pass a bill that requires the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to implement an automatic enrollment arrangement for employees who are hired after January 1, 2025.
Highlights:
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Requires the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to implement an automatic enrollment arrangement for State employees who are hired on or after January 1, 2025 (Sec. 1).
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Requires an eligible employer to deduct the wages of an employee for contribution to a supplemental retirement plan in accordance with an automatic enrollment arrangement (Sec. 1).
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Exempts employees who have chosen to withdraw from the plan (Sec. 1).
Title: Requiring the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to Implement an Automatic Enrollment Arrangement