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 […]