Massachusetts S1878 amends the SMART plan to include an automatic enrollment feature for new employees in deferred compensation programs.

Massachusetts S1878 amends the SMART plan to allow for an automatic enrollment feature in deferred compensation programs for new employees hired on or after June 1, 2024. This feature does not require employee authorization and is exempt from state laws requiring such authorization. The plan must include provisions for auto escalation of contributions, a qualified default investment option, and a 90-day period for employees to opt-out. The state treasurer may establish this feature, and it applies only if the governmental body elects to implement it.

Massachusetts S1878 amends the SMART plan to include an automatic enrollment feature for new employees in deferred compensation programs.

Massachusetts S1878 amends the SMART plan to allow for an automatic enrollment feature in deferred compensation programs for new employees hired on or after June 1, 2024. This feature does not require employee authorization and is exempt from state laws requiring such authorization. The plan must include provisions for auto escalation of contributions, a qualified default investment option, and a 90-day period for employees to opt-out. The state treasurer may establish this feature, and it applies only if the governmental body elects to implement it.