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Senate Bill 0521


 

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Senate Bill 0521

ARCHIVE (2011)

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DIGEST OF SB521 (Updated April 4, 2011 2:25 pm - DI 84)

State deferred compensation plan. Provides that if an employee does not choose another amount, the state shall, in each pay period during the first year the employee is automatically enrolled in the state's deferred compensation plan (plan), deduct from the employee's compensation the greater of: (1) the maximum amount of any match provided by the state on behalf of the employee to a defined contribution plan; or (2) one-half percent of the employee's base salary; and deposit the amount deducted in the employee's account. Provides that the percentage of an employee's base salary used to determine the employee's contribution increases each year, for five years, by one-half percent from the percentage determined in the immediately preceding year to a maximum of three percent.
    Current Status:
     Law Enacted
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