MD HB605

State employees hired or reinstated on or after January 1, 2026 will be automatically enrolled in a supplemental retirement plan (deferred compensation, tax-sheltered annuity, or salary reduction savings plan) with wages deducted at a minimum amount set by the Board of Trustees

Employees may opt out by electing to withdraw, cease contributions, or choose a different contribution amount at any time

Employees must receive notice explaining enrollment terms, contribution rights, and investment options, with a 90-day window after the first automatic deduction to discontinue participation and receive a full refund of contributions

Contributions for auto-enrolled participants will be invested in a designated default investment option unless the employee selects different investments

Takes effect October 1, 2025