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2017 Maryland Code
Labor and Employment
Title 12 - Maryland Small Business Retirement Savings Program and Trust.
Subtitle 4 - Maryland Small Business Retirement Savings Program.
§ 12-402. Payroll deposit retirement savings arrangement.
Universal Citation: MD Lab & Emp Code § 12-402 (2017)
- (a) Automatic enrollment; exception. --
- (1) After the Board opens the Program for enrollment, covered employers shall establish a payroll deposit retirement savings arrangement to allow employee participation in the Program.
- (2) A covered employer shall automatically enroll a covered employee in the Program, unless the employee elects to opt out in accordance with procedures established by the Board.
- (b) Waiver of filing fee not available to noncompliant employers. -- If a covered employer is not in compliance with subsection (a) of this section, the covered employer may not receive a waiver of the filing fee under ยง 1-203(b)(14) of the Corporations and Associations Article.
- (c) Other employer-offered savings arrangements permitted. -- Employers shall retain the option at all times to set up any type of employer-offered savings arrangement, such as a defined benefit plan or a 401(k), Simplified Employee Pension (SEP) plan, or Savings Incentive Match Plan for Employees (SIMPLE) plan, or to offer an automatic enrollment payroll deduction IRA, instead of having a payroll deposit retirement savings arrangement to allow employee participation in the Program.
- (d) Fiduciary obligation of employer with operation of Program not created. -- Compliance with this title and participation in the Program by itself does not create a fiduciary obligation of an employer with respect to the operation of the Program or funds contributed to the Program.
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