Section 12-205 – Required Disclosures
(a) The Board shall establish procedures and disclosures to protect the interests of participants and employers. (b) (1) Before opening the Program for enrollment, the Board shall design and disseminate to employers and employees information regarding the Program. (2) The information provided shall include background information on the Program and appropriate disclosures for employees, including: (i) the benefits and risks […]
Section 12-206 – Reports and Audits
(a) On or before August 1 each year, the Board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the Trust to the Governor and, subject to § 2–1257 of the State Government Article, the General Assembly. (b) The annual audit shall be made by an independent […]
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 11-805 – Purpose of Adult Education and Literacy Services
The purpose of adult education and literacy services is to: (1) assist adults to become literate and obtain the knowledge and skills necessary for employment and self–sufficiency; (2) assist adults who are parents or family members to obtain the education and skills necessary: (i) to become full partners in the educational development of their children; and (ii) to lead […]