There is a newer version
of
this Section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 4 - Maryland Small Business Retirement Savings Program.
§ 12-403. Opting in and out; termination of participation; contribution rates; status of contributions.
Universal Citation: MD Lab & Emp Code § 12-403 (2017)
- (a) Opting out. -- A covered employee of a participating employer may elect to opt out of the Program.
- (b) Opting out -- Re-enrollment. -- A covered employee of a participating employer who elects to opt out of the Program may re-enroll in the Program in accordance with procedures established by the Board.
- (c) Participation by employee of nonparticipating employer. -- After the Board opens the Program for enrollment, an employee of a nonparticipating employer may elect to participate in the Program as authorized by the Board.
- (d) Termination of participation. -- A participating employee may terminate participation in the Program at any time in a manner prescribed by the Board.
- (e) Amount of contribution. -- Unless otherwise specified by the employee, a participating employee shall contribute a fixed percentage or dollar amount of the employee's salary or wages to the Program.
- (f) Regulations for default contributions. -- By regulation, the Board shall set and may adjust the default contribution amount set in subsection (e) of this section.
- (g) Assets are property of participating employee. -- The assets in a participating employee's Program account are property of the participating employee.
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.
