DE SB20

Increases the maximum employer match for state employee deferred compensation contributions from $10 to $20 per pay period, reinstating a benefit that was suspended in July 2008 during the Great Recession

Expands eligibility for the employer match by removing the requirement that employees must be enrolled for 6 consecutive months or have maxed out IRS contributions to qualify

Allows state employees making qualified student loan payments to receive employer matching contributions to their retirement accounts, as permitted under the federal SECURE 2.0 Act

Caps total employer contributions at the "maximum annual match" (maximum match multiplied by number of pay periods) per plan year

Grants the Plans Management Board authority to determine which retirement plan (§ 457(b), § 403(b), or § 401(a)) will receive employer matching contributions