SB 372 Modifies provisions relating to the deferred compensation plan
Sponsor: Keaveny
LR Number: 1801S.03C Fiscal Notes
Committee: General Laws and Pensions
Last Action: 5/15/2015 - S Informal Calendar S Bills for Perfection--SB 372-Keaveny, with SCS (pending) Journal Page:
Title: SCS SB 372 Calendar Position:
Effective Date: August 28, 2015

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Current Bill Summary

SCS/SB 372 - Currently, state employees who are hired on or after July 1, 2012, and eligible to participate in the deferred compensation plan are automatically enrolled in the plan. This act provides that eligible employees who are rehired on or after July 1, 2012, shall also be automatically enrolled in the deferred compensation plan.

As of July 1, 2016, current state employees shall have the option to automatically increase the amount of compensation contributed to the plan. Employees hired or rehired on after July 1, 2016, shall be automatically enrolled in the automatic increase feature of the plan. Under the automatic increase feature, compensation contributed to the plan shall increase annually by one-half of one percent until the contributed amount reaches five percent of the employee's salary. Employees may make adjustment to increase or decrease the default automatic contribution increase. Employees may also decide to not participate in the automatic increase feature of the plan at any time.

This act is substantially similar to HB 691 (2015).