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Maryland Code, Labor and Employment § 12-301

Current as of January 01, 2025 | Updated by Findlaw Staff

Established

(a) There is a Maryland Small Business Retirement Savings Trust.

Administration of Trust

(b)(1) The Maryland Small Business Retirement Savings Trust shall be administered by the Board for the purpose of promoting greater retirement savings for Maryland private sector employees in a convenient, voluntary, low-cost, and portable manner.

(2) The Board shall enter into an agreement delegating the administration of the Trust to a third-party administrator.

Investment of trust assets

(c) Money in the Trust may be invested or reinvested as determined by the Board.

Use of employees contributions

(d) Any contributions paid by employees into the Trust may be used only to:

(1) pay benefits to the participants of the Program;

(2) pay the cost for administering the Program; and

(3) make investments for the benefit of the Program.

Regulations

(e) The Board shall establish, by regulation, dates when an employer shall deposit employee contributions.

Transfer or encumbrance of assets of the Trust

(f) The State may not transfer any assets of the Trust to the General Fund or any other fund of the State, or otherwise encumber any assets of the Trust.

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Cite this article: FindLaw.com - Maryland Code, Labor and Employment § 12-301 - last updated January 01, 2025 | https://codes.findlaw.com/md/labor-and-employment/md-code-labor-and-emply-sect-12-301/

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