Amends Delaware Code to revise automatic enrollment and default investment options in the 457(b) plan.
This bill amends Title 29 of the Delaware Code to modify the automatic enrollment process and default investment options for the 457(b) plan. It mandates that the Board provide covered employees with advance notice detailing automatic enrollment, default contribution rates, investment options, and procedures for opting out or changing contributions. The Board must select an age-appropriate target date fund as the default investment and determine whether contributions are pre- or post-tax.
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