H1403 · Deferred Compensation Plans for Public Employees

Deferred Compensation Plans for Public Employees; Authorizes inclusion of automatic enrollment arrangement in government employee's deferred compensation plan; requires that automatic enrollment arrangement be established with default contribution rate; authorizes periodic reenrollment of specified government employees; authorizes periodic resetting of contribution rates for specified government employees; requires that automatic enrollment arrangement provide employees ability to make certain elections regarding contributions; requires that plan provide for default investment into which contributions must be placed under specified circumstance; authorizes counties, municipalities, political subdivisions, & constitutional county officers to adopt automatic enrollment arrangements for specified deferred compensation programs; provides that deferred compensation plan of state may adopt automatic enrollment arrangement only upon approval of Legislature; requires that certain deduction of wages or salary of employees be treated in specified manner.