There is a newer version
of
this Section
2017 Maryland Code
Labor and Employment
Title 12 - Maryland Small Business Retirement Savings Program and Trust.
Subtitle 2 - Establishment; Powers and Duties of Board.
§ 12-205. Required disclosures.
Universal Citation: MD Lab & Emp Code § 12-205 (2017)
- (a) Establishment of procedures and diclosures. -- The Board shall establish procedures and disclosures to protect the interests of participants and employers.
- (b) Designing and disseminating information. --
- (1) Before opening the Program for enrollment, the Board shall design and disseminate to employers and employees information regarding the Program.
- (2) The information provided shall include background information on the Program and appropriate disclosures for employees, including:
- (i) the benefits and risks associated with making contributions to the Program;
- (ii) the mechanics of how to make contributions to the Program;
- (iii) how to opt out of the Program;
- (iv) the process for withdrawal of retirement savings;
- (v) how to obtain additional information on the Program; and
- (vi) information about alternative retirement savings options.
- (c) Disclosure form requirements. -- The disclosure form shall clearly state the following:
- (1) employees seeking financial advice should contact financial advisors because employers are not in a position to provide financial advice;
- (2) in accordance with § 12-501 of this title, employers are not liable for decisions made by employees;
- (3) the Program is not an employer-offered savings arrangement; and
- (4) in accordance with § 12-502 of this title, the Program fund may be privately insured and is not guaranteed by the State.
- (d) Opt-out procedures. -- The Board shall establish procedures for:
- (1) a covered employee to opt out of participation in the Program;
- (2) a participating employee to opt out of participation in the Program after the participating employee has commenced participation; and
- (3) an employee who has opted out of participation to participate or resume participation in the Program.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
