Maryland's General Assembly passed a bill creating the Maryland Small Business Retirement Savings Program and Trust, the latest state to create a retirement program for private-sector employees who do not otherwise have access to an employer-sponsored retirement plan.
The bill also creates the Maryland Small Business Retirement Savings Board to implement and administer the program, which creates mandated payroll deduction individual retirement accounts for small business employees.
Members of the board would include the state treasurer, currently Nancy K. Kopp; the state secretary of labor, licensing and regulation, currently Kelly M. Schulz; three members appointed by the governor; three appointed by the president of the Senate; and three appointed by the speaker of the House of Delegates.
The state Senate passed the bill 46-0 on April 4, and the House of Delegates passed the bill 97-41 on April 6, and it is on its way to Gov. Larry Hogan's desk.
Mr. Hogan's spokeswoman Shareese DeLeaver-Churchill would not say whether he plans to sign the bill, but said in an e-mail that “all bills that passed are currently under review by the governor and administration.” Mr. Hogan's next bill-signing date is April 26.
Maryland is the latest state to pass such a bill for a program for private-sector employees following programs adopted by California, Oregon, Washington and Illinois. The U.S. Department of Labor is currently finalizing a rule it had proposed in November that would allow such programs and give them safe harbors addressing states' concern over federal pre-emption under the Employee Retirement Income Security Act.