Loading chat...
GA HB692
Bill
Status
Engrossed
2/6/2018
Primary Sponsor
Howard Maxwell
Click for details
AI Summary
- Governing authorities of municipalities and counties may pay costs or fees associated with an employee's participation in a deferred compensation plan, when authorized by ordinance or resolution
- Public employees may be automatically enrolled in deferred compensation plans through an automatic enrollment arrangement, as permitted by applicable federal laws and regulations, in addition to the existing method of employee-requested enrollment
- Deferred compensation plans must still operate without cost to the state, county, city, or other political subdivision, except for employer contributions, incidental payroll administration expenses, and the newly authorized municipal/county payment of participation costs or fees
- Records of participation agreements, payroll deductions, investment options, and individual account information remain confidential, with disclosure limited to purposes of the article, subpoena, written employee authorization, or tax authority access
- The Act becomes effective upon approval by the Governor or upon becoming law without such approval
Legislative Description
Deferred compensation plans; governing authority of a municipality may pay costs or fees associated with an employee's participation in a plan; provide
Last Action
Senate Read Second Time
3/9/2018
Full Bill Text
No bill text available