A new law will allow Ohio state government employees to be automatically enrolled into the $19 billion Ohio Public Employees Deferred Compensation Program, Columbus.
Ohio Gov. Mike DeWine signed a bill into law Tuesday which allows designated state employers to provide auto-enrollment for new employees.
Rather than a specific percentage for auto-enrollment, the program's board of trustees is currently considering a specific dollar amount, spokesman Joshua King said in an email. While the terms of the bill are effective immediately, he said, it will take about 18 to 24 months to implement it.
In a news release Tuesday from Ohio DC, Jay Hottinger, state senator and sponsor of the bill and deferred compensation program board member, said auto enrollment is a "best practice" that private and public-sector defined contribution plans should utilize.
"We have a savings crisis, and this is one small step to help resolve that problem," Mr. Hottinger said. "I know of no one that has regretted participating in Ohio's Deferred Comp program. Rather, the complaint I most often hear from people is wishing they would have started sooner or contributed more. Countless future employees of the state of Ohio will benefit from this for decades to come."