Massachusetts H2824 amends the SMART Plan to allow automatic enrollment for new employees in the deferred compensation program.
Massachusetts H2824 amends the SMART Plan to allow automatic enrollment for new employees in the deferred compensation program. This automatic enrollment applies only to employees hired on or after June 1, 2022. The plan includes a qualified default investment option for employees who do not choose an alternative. Employees who discontinue participation within ninety days receive a refund. The automatic enrollment feature does not require prior authorization and is exempt from state laws requiring employee authorization for payroll deductions.
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- Impact
- Legal Framework
- Critical Issues
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