1309 – Employer and Employee Informational Materials and Disclosure Forms.
§ 1309. Employer and employee informational materials and disclosure forms. 1. Prior to the opening of the program for enrollment, the board shall design and disseminate, or cause to be designed and disseminated, to all employers employer informational materials and employee informational materials, which shall include background information on the program, and necessary disclosures as […]
1310 – Program Implementation and Enrollment.
§ 1310. Program implementation and enrollment. Except as otherwise provided in this article, the program shall be implemented, and enrollment of employees shall begin no later than December thirty-first, two thousand twenty-one. The provisions of this section shall be in force after the board opens the program for enrollment. 1. (a) Each participating employer shall […]
1311 – Payments.
§ 1311. Payments. Employee contributions deducted by the participating employer through payroll deduction shall be remitted by the participating employer to the program using one or more payroll deduction IRAs established or authorized by the board under this article, either: 1. on or before the last day of the month following the month in which […]
1312 – Duty and Liability of the State.
§ 1312. Duty and liability of the state. 1. The state shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any enrollee under the program. Any financial liability for the payment of retirement savings benefits in excess of funds available under the program shall be […]
1313 – Duty and Liability of Participating Employers.
§ 1313. Duty and liability of participating employers. 1. Participating employers shall not have any liability for an employee’s decision regarding whether to participate in, or opt out of, the program or for the investment decisions of the board or of any enrollee. 2. A participating employer is not establishing or maintaining the program’s payroll […]
1304 – Duties of the Board.
§ 1304. Duties of the board. In addition to the other duties and responsibilities stated in this article, the board shall, itself or through the use of appropriate financial organizations as managers: 1. Cause the program to be designed, established and operated in a manner that: (a) accords with best practices for retirement savings vehicles; […]
1305 – Risk Managemant.
§ 1305. Risk management. The board shall annually prepare, or cause to be prepared, and adopt a written statement of investment policy that includes a risk management and oversight program. This investment policy shall prohibit the board and the program from borrowing for investment purposes. The risk management and oversight program shall be designed to […]
1306 – Financial Organizations.
§ 1306. Financial organizations. 1. The board shall engage, after an open bid process, a financial organization or organizations to invest assets of the program. In selecting the financial organization or organizations, the board shall take into consideration and give weight to the financial organization’s fees and charges in order to reduce the program’s administrative […]
1307 – Investment Options.
§ 1307. Investment options. 1. The board shall establish or authorize a default investment option for enrollees who fail to elect an investment option. In making such determination, the board shall consider the cost, risk profile, benefit level and ease of enrollment. The board may change the default option if the board determines that such […]
1308 – Benefits.
§ 1308. Benefits. Interest, investment earnings, and investment losses shall be allocated to individual program accounts as authorized by the board pursuant to this article. An individual’s retirement savings benefit under the program shall be an amount equal to the balance in the individual’s program account on the date the retirement savings benefit becomes payable. […]