Section 20 Access to Retirement Savings 3

Section 64B of said chapter 29, as so appearing, is hereby amended by inserting after the third paragraph the following paragraph:-

The treasurer or, in the absence of the treasurer, the chief financial officer by whatever name that person is called, on behalf of a governmental body, may, at its own election, implement an automatic enrollment feature within its deferred compensation program established pursuant to this section. The automatic enrollment feature shall not require advance authorization by an employee. Subject to the election of each governmental body, any such automatic enrollment feature permitted as a part of a governmental body's deferred compensation program shall only apply to new employees of a governmental body hired on or after January 1, 2026 and such deferred compensation program will be required to include the specifications for auto enrollment detailed in subsections (b) through (h), inclusively, of section 64.

This section, together with related sections, enables the Treasurer to automatically enroll new state employees into the state's deferred compensation program, unless the employee chooses to opt out.