§ 12-402
161 words·~1 min read·
/md/labor-and-employment/12-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–402.
(1)After the Board opens the Program for enrollment, covered employers shall establish a payroll deposit retirement savings arrangement to allow employee participation in the Program.
(2)A covered employer shall automatically enroll a covered employee in the Program, unless the employee elects to opt out in accordance with procedures established by the Board.
(b)If a covered employer is not in compliance with subsection
(a)of this section, the covered employer may not receive a waiver of the filing fee under § 1–203(b)(13) of the Corporations and Associations Article.
(c)Employers shall retain the option at all times to set up any type of employer–offered savings arrangement instead of having a payroll deposit retirement savings arrangement to allow employee participation in the Program.
(d)Compliance with this title and participation in the Program by itself does not create a fiduciary obligation of an employer with respect to the operation of the Program or funds contributed to the Program.