H0985: Deferred Compensation Plans for Public Employees

Legislative Summary

Authorizes that certain employees' payable compensation be deducted & contributed to deferred compensation plan through automatic enrollment arrangement unless employee makes certain election; requires that automatic enrollment arrangement be established with default contribution rate; authorizes periodic reenrollment of specified government employees; authorizes periodic resetting of contribution rates for specified government employees; requires that automatic enrollment arrangement provide employees ability to make certain elections regarding contributions; requires that plan provide for default investment into which contributions must be placed under specified circumstance; authorizes counties, municipalities, political subdivisions, & constitutional county officers to adopt automatic enrollment arrangements for specified deferred compensation programs; provides that deferred compensation plan may only include automatic enrollment arrangement upon approval of Legislature; authorizes that certain automatic deferrals be made by payroll deduction; requires that certain deduction of wages or salary of employees be treated in specified manner.