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Maryland Code, Labor and Employment § 12-401

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

Established

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

Payroll deposits

(b) The Maryland Small Business Retirement Savings Program shall only include one or more payroll deposit IRA arrangements as determined by the Board.

Duties of Board

(c) The Board shall:

(1) implement a range of investment options and providers; and

(2) select a default investment option for Program participants.

Considerations when selecting investment options

(d) When selecting investment options, the Board shall consider methods to minimize the risk of significant investment losses at the time of a participating employee's retirement.

Option for lifetime income

(e) The Board may provide an investment option that provides an assured lifetime income.

Minimize administrative expenses

(f)(1) The Board shall consider investment options that minimize administrative expenses.

(2) Ongoing annual administrative expenses may not exceed 0.5% of assets under management in the Program.

Investment options that conform with federal law

(g) The Board may not offer any investment options that conflict with federal law.

Liability limitations

(h) The Board may not offer any investment options that could result in liability to the State or its taxpayers.

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Cite this article: FindLaw.com - Maryland Code, Labor and Employment § 12-401 - last updated January 01, 2025 | https://codes.findlaw.com/md/labor-and-employment/md-code-labor-and-emply-sect-12-401/

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 before relying on it for your legal needs.

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