Expands access to retirement savings for certain state employees through automatic enrollment.
This bill amends the General Laws to expand access to retirement savings for certain state employees by implementing an automatic enrollment feature in the deferred compensation program. New employees hired on or after June 1, 2024, will be automatically enrolled unless they opt out. The feature allows for automatic escalation of contributions and includes a qualified default investment option. The state treasurer may also seek to reduce operating expenses through private donations or grants.
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