IN SB0199

Automatically enrolls state employees hired after June 30, 2007 in the deferred compensation plan on day 31 of employment unless they opt out.

Requires the state to deduct from each paycheck during an employee's first year the greater of: (1) the maximum state match to a defined contribution plan, or (2) $15.

Allows employees to affirmatively choose a different contribution amount, including zero, at any time.

Automatically increases paycheck deductions by $5 each year on the anniversary date of enrollment, with a maximum deduction limit of $50 per pay period.

Requires the Auditor of State to provide written notice to new employees with their first paycheck explaining the plan, tax consequences, and state match details.

Effective July 1, 2010.