DE SB94

Increases the maximum employer match for state employee deferred compensation contributions from $10 to $20 per pay period, with a maximum annual match limit based on the number of pay periods in the plan year.

Expands eligibility for the employer match by allowing employees to qualify either through 6 consecutive months of enrollment in the program or by deferring the maximum amount allowed by the Internal Revenue Service within the preceding 6 months.

Authorizes the Board to approve plan amendments by January 1, 2025, to allow qualified participants to receive employer contributions based on qualified student loan payments, consistent with federal law under 26 U.S.C. § 401(m).

Grants the Plans Management Board discretion to select which plan or plans should receive employer contributions, considering administrative costs and participant burdens from maintaining multiple accounts.

Restores the employer match program that was suspended in July 2008 during the Great Recession, contingent upon General Assembly funding appropriations.