Md. Code, Lab. & Empl. § 12-402

Current with changes from the 2022 Legislative Session through Ch. 775
Section 12-402 - Payroll deposit retirement savings arrangement
(a)
(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) 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 § 1-203(b)(13) of the Corporations and Associations Article.
(c) Employers shall retain the option at all times to set up any type of employer-offered savings arrangement instead of having a payroll deposit retirement savings arrangement to allow employee participation in the Program.
(d) 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.

Md. Code, LE § 12-402

Amended by 2018 Md. Laws, Ch. 596,Sec. 1, eff. 6/1/2018.
Added by 2016 Md. Laws, Ch. 324,Sec. 1, eff. 7/1/2016.
Added by 2016 Md. Laws, Ch. 323,Sec. 1, eff. 7/1/2016.