Section 12-301 – Maryland Small Business Retirement Savings Trust
(a) There is a Maryland Small Business Retirement Savings Trust. (b) (1) The Maryland Small Business Retirement Savings Trust shall be administered by the Board for the purpose of promoting greater retirement savings for Maryland private sector employees in a convenient, voluntary, low–cost, and portable manner. (2) The Board shall enter into an agreement delegating the administration of the […]
Section 12-401 – Program Established
(a) There is a Maryland Small Business Retirement Savings Program. (b) The Maryland Small Business Retirement Savings Program shall only include one or more payroll deposit IRA arrangements as determined by the Board. (c) The Board shall: (1) implement a range of investment options and providers; and (2) select a default investment option for Program participants. (d) When selecting investment options, […]
Section 12-402 – Payroll Deposit Retirement Savings Arrangement
(a) (1) After the Board opens the Program for enrollment, covered employers shall establish a payroll deposit retirement savings arrangement to allow employee participation in the Program. (2) A covered employer shall automatically enroll a covered employee in the Program, unless the employee elects to opt out in accordance with procedures established by the Board. (b) If a covered […]
Section 11-1401 – Direct Care Workforce Innovation Program — Definitions
(a) In this subtitle the following words have the meanings indicated. (b) (1) “Direct care worker” means an individual whose occupation is classified under the 2018 Standard Occupational Classifications of the U.S. Department of Labor as: (i) a home health aide (31–1121); (ii) a personal aide (31–1122); (iii) a nursing assistant (31–1131); or (iv) a psychiatric aide (31–1133). (2) “Direct care worker” includes […]
Section 12-403 – Opting in and Out; Termination of Participation; Contribution Rates; Status of Contributions
(a) A covered employee of a participating employer may elect to opt out of the Program. (b) A covered employee of a participating employer who elects to opt out of the Program may re–enroll in the Program in accordance with procedures established by the Board. (c) After the Board opens the Program for enrollment, an employee of a […]
Section 11-1402 – Direct Care Workforce Innovation Program — Administration — Adoption of Regulations
(a) There is a Direct Care Workforce Innovation Program in the Division. (b) The Division shall administer the Program. (c) The Division may adopt regulations to implement this subtitle.
Section 12-501 – Employer Liability
(a) An employer may not be held liable for: (1) an employee’s decision to participate in or opt out of the Program; (2) the investment decisions of employees whose assets are deposited in the Program; (3) the administration, investment, or investment performance of the Trust or the Program; or (4) the Program design or the benefits paid to Program participants. […]
Section 11-1403 – Purpose of Program — Goal of Program
(a) The purpose of the Program is to provide matching grants to eligible entities to create and expand on successful recruitment and retention strategies that address the range of potential barriers to increasing the number of direct care workers. (b) The goal of the Program is to ensure the availability of trained direct care workers across the […]
Section 12-502 – State Liability
(a) The State may not be held liable for the payment of the retirement savings benefit earned by Program participants in accordance with this title. (b) The debts, contracts, and obligations of the Board, Trust, or the Program are not the debts, contracts, and obligations of the State and neither the faith and credit nor the taxing […]
Section 11-1404 – Request for Applications From Eligible Entities — Submission of Project Plan — Items Included in Project Plan
(a) Each year, the Division shall issue a request for applications from eligible entities for matching grants offered under the Program. (b) To receive a matching grant under the Program, an eligible entity shall submit to the Division with the entity’s application a project plan for each project to be developed and carried out, or for activities […]