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§ 12-205. Procedures and disclosures about the Program

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 2. Establishment; Powers and Duties of Board (Refs & Annos)
Effective: July 1, 2016
MD Code, Labor and Employment, § 12-205
§ 12-205. Procedures and disclosures about the Program
Currentness
In general
(a) The Board shall establish procedures and disclosures to protect the interests of participants and employers.
Dissemination of information regarding the Program
(b)(1) Before opening the Program for enrollment, the Board shall design and disseminate to employers and employees information regarding the Program.
(2) The information provided shall include background information on the Program and appropriate disclosures for employees, including:
(i) the benefits and risks associated with making contributions to the Program;
(ii) the mechanics of how to make contributions to the Program;
(iii) how to opt out of the Program;
(iv) the process for withdrawal of retirement savings;
(v) how to obtain additional information on the Program; and
(vi) information about alternative retirement savings options.
Contents of disclosure form
(c) The disclosure form shall clearly state the following:
(1) employees seeking financial advice should contact financial advisors because employers are not in a position to provide financial advice;
(2) in accordance with § 12-501 of this title, employers are not liable for decisions made by employees;
(3) the Program is not an employer-offered savings arrangement; and
(4) in accordance with § 12-502 of this title, the Program fund may be privately insured and is not guaranteed by the State.
Procedures of opting out of and return to participation in the Program
(d) The Board shall establish procedures for:
(1) a covered employee to opt out of participation in the Program;
(2) a participating employee to opt out of participation in the Program after the participating employee has commenced participation; and
(3) an employee who has opted out of participation to participate or resume participation in the Program.

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, § 12-205, MD LABOR & EMPLY § 12-205
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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