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§ 12-403. Employee participation

West's Annotated Code of MarylandLabor and EmploymentEffective: July 1, 2016

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: July 1, 2016
MD Code, Labor and Employment, § 12-403
§ 12-403. Employee participation
Currentness
Opt out election
(a) A covered employee of a participating employer may elect to opt out of the Program.
Re-enrollment in the Program
(b) A covered employee of a participating employer who elects to opt out of the Program may re-enroll in the Program in accordance with procedures established by the Board.
Employee of a nonparticipating employer
(c) After the Board opens the Program for enrollment, an employee of a nonparticipating employer may elect to participate in the Program as authorized by the Board.
Termination of participation
(d) A participating employee may terminate participation in the Program at any time in a manner prescribed by the Board.
Amount of contribution
(e) Unless otherwise specified by the employee, a participating employee shall contribute a fixed percentage or dollar amount of the employee's salary or wages to the Program.
Default contribution amount
(f) By regulation, the Board shall set and may adjust the default contribution amount set in subsection (e) of this section.
Assets in employee’s account property of employee
(g) The assets in a participating employee's Program account are the property of the participating employee.

Credits

Added by Acts 2016, c. 323, § 1, eff. July 1, 2016; Acts 2016, c. 324, § 1, eff. July 1, 2016.
MD Code, Labor and Employment, § 12-403, MD LABOR & EMPLY § 12-403
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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