Section 12-201 – Maryland Small Business Retirement Savings Board Established
(a) (1) There is a Maryland Small Business Retirement Savings Board. (2) The Board is a body politic and corporate and is an instrumentality of the State. (3) (i) Except as provided in subparagraphs (ii) and (iii) of this subsection, the Board is not subject to any law, including § 6–106 of the State Government Article, that affects governmental units. […]
Section 12-202 – Meetings; Staffing; Finances
(a) The Board shall meet at the times and places that the Board determines. (b) (1) The Board may employ a staff and may hire consultants, administrators, and other professionals as necessary to help implement, maintain, and administer the Program and the Trust. (2) All expenses, including employee costs, incurred to implement, maintain, and administer the Program and the […]
Section 12-203 – Duties
(a) The Board, the Program administrator, and staff shall discharge the duties with respect to the Trust solely in the interest of the Program participants as follows: (1) for the exclusive purposes of providing benefits to Program participants and defraying reasonable expenses of administering the Program; and (2) by selecting investment options or programs that will invest with […]
Section 12-204 – Additional Powers and Duties
(a) In addition to the powers and duties set forth elsewhere in this title, the Board: (1) shall cause the Program or payroll deposit IRA arrangements established under the Program to be designed, established, and operated; (2) shall appoint a Program administrator and determine the duties of the Program administrator; (3) shall employ staff as necessary and set the […]
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 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 […]