Expands access to retirement savings by implementing automatic enrollment in deferred compensation programs.

This bill expands access to retirement savings by allowing the state treasurer to implement an automatic enrollment feature in deferred compensation programs for new employees hired after June 1, 2024. This feature does not require prior authorization from employees and is exempt from state laws requiring employee authorization for payroll deductions. Employees can opt out within 90 days and receive a refund. The bill also allows for auto escalation of contributions and seeks to reduce operating expenses through private donations or grants.

Expands access to retirement savings by implementing automatic enrollment in deferred compensation programs.

This bill expands access to retirement savings by allowing the state treasurer to implement an automatic enrollment feature in deferred compensation programs for new employees hired after June 1, 2024. This feature does not require prior authorization from employees and is exempt from state laws requiring employee authorization for payroll deductions. Employees can opt out within 90 days and receive a refund. The bill also allows for auto escalation of contributions and seeks to reduce operating expenses through private donations or grants.