1. (a)

   1. (1) After the Board opens the Program for enrollment, covered employers shall establish a payroll deposit retirement savings arrangement to allow employee participation in the Program.
   2. (2) A covered employer shall automatically enroll a covered employee in the Program, unless the employee elects to opt out in accordance with procedures established by the Board.
2. (b) If a covered employer is not in compliance with subsection (a) of this section, the covered employer may not receive a waiver of the filing fee under § 1-203(b)(13) of the Corporations and Associations Article.
3. (c) Employers shall retain the option at all times to set up any type of employer-offered savings arrangement instead of having a payroll deposit retirement savings arrangement to allow employee participation in the Program.
4. (d) Compliance with this title and participation in the Program by itself does not create a fiduciary obligation of an employer with respect to the operation of the Program or funds contributed to the Program.

Added by Acts 2016, c. 323, § 1, eff. July 1, 2016; Acts 2016, c. 324, § 1, eff. July 1, 2016. Amended by Acts 2018, c. 12, § 6; Acts 2018, c. 596, § 1, eff. June 1, 2018.