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MA H41

Bill

Official Source

Status

Introduced

2/27/2025

Primary Sponsor

Unknown

Origin

House of Representatives

194th General Court

AI Summary

  • State treasurer may establish automatic enrollment in the deferred compensation program for new Commonwealth employees hired on or after June 1, 2024, without requiring prior employee authorization
  • Automatically enrolled employees have 90 days to opt out and receive a refund of contributions; contribution amounts automatically escalate annually unless the employee opts out
  • Local governmental bodies may voluntarily adopt the automatic enrollment feature for their new employees
  • Removes the 20-person employee cap for businesses eligible to participate in the state retirement savings program
  • State treasurer may accept private donations or grants, including through fundraising, to reduce plan operating expenses

Legislative Description

Expanding access to retirement savings

Last Action

Accompanied a study order, see H5193

3/9/2026

Committee Referrals

Public Service2/27/2025

Full Bill Text

No bill text available