IN SB0248

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

Requires the auditor of state to provide written notice to employees with their first paycheck on distinctly colored paper explaining plan purposes, enrollment procedures, tax consequences, and state match details.

Establishes contribution requirements that increase over time: employees hired before July 1, 2013 contribute the greater of the state match or 0.5% of base salary in year one, while those hired after July 1, 2013 contribute the greater of the state match or 2% of base salary in year one.

Automatically increases contribution percentages by 0.5% annually on the employee's enrollment anniversary date, with a maximum cap of 3% of base salary, unless the employee affirmatively chooses a different contribution amount.

Allows employees to opt out of automatic enrollment or choose alternative contribution amounts (higher, lower, or zero) at any time.