Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of December 31, 2021 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - Maryland Code, Labor and Employment § 12-205 - last updated December 31, 2021 | https://codes.findlaw.com/md/labor-and-employment/md-code-labor-and-emply-sect-12-205/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)