1378.pdf

HOUSE BILL 1378 establishes the Maryland Small Business Retirement Savings Program and Trust, aiming to assist private sector employees in saving for retirement. The bill creates the Maryland Small Business Retirement Savings Board to implement and administer the program, with powers to invest assets, adopt an investment policy, and disseminate information to employers and employees. Eligible employers are required to offer the program, and eligible employees must participate unless they opt out. The board is authorized to enter into agreements, establish procedures, and design information for employers and employees. The program's assets are the property of the employees, and the state is prohibited from transferring or encumbering these assets. The bill also limits administrative expenses, prohibits certain investment options, and requires the board to adopt regulations and establish a default employee contribution amount.