MD SB270

State employees hired on or after January 1, 2026 will be automatically enrolled in a supplemental retirement plan (such as deferred compensation or tax-sheltered annuity plans) unless they opt out

Default payroll deductions will be set at a minimum amount determined by the Board, not to exceed $25 per pay period, with employees able to adjust, cease, or withdraw contributions

Employees have 90 days after their first automatic deduction to discontinue participation and receive a full refund of their contributions

Automatically enrolled employees must be offered a counseling appointment and receive written notice explaining their enrollment terms, contribution amounts, investment options, and opt-out rights

Contributions for auto-enrolled participants will be invested in a designated default investment option, and employing institutions may choose which supplemental retirement plan to enroll their employees in