Massachusetts H39 amends the SMART Plan to allow automatic enrollment for new employees in deferred compensation programs.

Massachusetts H39 amends the SMART Plan to allow automatic enrollment for new employees in deferred compensation programs. This applies to employees hired on or after June 1, 2024. The automatic enrollment feature does not require prior authorization from employees and is deemed an exception to state laws requiring employee authorization for payroll deductions. Employees have up to ninety days to discontinue participation and receive a refund. The bill also sets a qualified default investment option for automatically-enrolled employees who do not choose an alternative.

Massachusetts H39 amends the SMART Plan to allow automatic enrollment for new employees in deferred compensation programs.

Massachusetts H39 amends the SMART Plan to allow automatic enrollment for new employees in deferred compensation programs. This applies to employees hired on or after June 1, 2024. The automatic enrollment feature does not require prior authorization from employees and is deemed an exception to state laws requiring employee authorization for payroll deductions. Employees have up to ninety days to discontinue participation and receive a refund. The bill also sets a qualified default investment option for automatically-enrolled employees who do not choose an alternative.