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§ 12-402. Duties of covered employers

West's Annotated Code of MarylandLabor and EmploymentEffective: October 1, 2018

West's Annotated Code of Maryland
Labor and Employment
Title 12. Maryland Small Business Retirement Savings Program and Trust (Refs & Annos)
Subtitle 4. Maryland Small Business Retirement Savings Program (Refs & Annos)
Effective: October 1, 2018
MD Code, Labor and Employment, § 12-402
§ 12-402. Duties of covered employers
Currentness
In general
(a)(1) After the Board opens the Program for enrollment, covered employers shall establish a payroll deposit retirement savings arrangement to allow employee participation in the Program.
(2) A covered employer shall automatically enroll a covered employee in the Program, unless the employee elects to opt out in accordance with procedures established by the Board.
Waiver of the filing fee
(b) If a covered employer is not in compliance with subsection (a) of this section, the covered employer may not receive a waiver of the filing fee under § 1-203(b)(13) of the Corporations and Associations Article.
Option for employer-offered savings arrangement
(c) Employers shall retain the option at all times to set up any type of employer-offered savings arrangement instead of having a payroll deposit retirement savings arrangement to allow employee participation in the Program.
Fiduciary obligation of an employer
(d) Compliance with this title and participation in the Program by itself does not create a fiduciary obligation of an employer with respect to the operation of the Program or funds contributed to the Program.

Credits

Added by Acts 2016, c. 323, § 1, eff. July 1, 2016; Acts 2016, c. 324, § 1, eff. July 1, 2016. Amended by Acts 2018, c. 12, § 6; Acts 2018, c. 596, § 1, eff. June 1, 2018.
MD Code, Labor and Employment, § 12-402, MD LABOR & EMPLY § 12-402
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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