,,ii  #aad? ,,congress  #b;d ,session   
,s4 #cchi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bb1         
#bjaf,mr4 ,he9ri* introduc$ ! foll[+    
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,f9ance  ,a ,,bill  ,to   
au?orize ,/ate-sponsor$ multiple employ]
 plans & ,/ate payroll d$uction sav+s   
programs4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/ate ,retirem5t ,sav+s    
,act ( #bjaf4  #b4 ,/ate-sponsor$       
multiple employ] plans ,"p #b ( title ,i
 ( ! ,employee ,retirem5t ,income       
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajaea et seq47 is am5d$ by add+ at !   
end ! foll[+3  #bab4 ,/ate-sponsor$     
multiple employ] plans  7a7 ,9 g5]al    
,any ,/ate may e/abli% a plan describ$ 9
 section #baj7;a74 ,su* plan %all n be  
consid]$ a gov]nm5tal plan solely       
because x is e/abli%$ & adm9i/]$ by a   
,/ate1 provid$ ! plan is 9 compliance ) 
! requirem5ts ( ?is section4  7b7       
,requirem5ts ,a ,/ate multiple employ]  
plan %all-- 7#a7 be e/abli%$ by a ,/ate 

pursuant to ,/ate law2  7#b7 be op5 to  
all employ]s 9 ! ,/ate2  7#c7 n require 
p>ticipation f any employ]1 includ+ any 
employ] describ$ 9 section #dja7;c77#d7 
( ! ,int]nal ,rev5ue ,code ( #aihf2     
7#d7 be subject to all requirem5ts ( ?is
 ,act t apply to a plan describ$ 9      
section #baj7;a72 &  7#e7 provide = an  
opt-out = all employees ( a p>ticipat+  
employ]1 if ! plan provides = automatic 
enrollm5t4  7c7 ,plan sponsor1 fiduci>y1
 & adm9i/rator ,! plan sponsor1 nam$    
fiduci>y1 & plan adm9i/rator ( a        
,/ate-sponsor$ plan describ$ 9          
subsection 7a7 %all be ! ,/ate4  7d7    
,enrollm5t ( individual employees  7#a7 
,9 g5]al ,a ,/ate multiple employ] plan 
may enroll individuals directly 9 su*   
plan1 if su* individuals are employ$ by 
employ]s :o d n p>ticipate 9 ! ,/ate    
plan4  7#b7 ,employ] p>ticipation ,!    
,/ate plan %all n require employ]       
p>ticipation 9 ! =m ( contributions1    
bonuses1 or monet>y inc5tives 9 ! case (
 individual employee p>ticipation "u    

p>agraph 7#a74  7e7 ,tax treatm5t  7#a7 
,treatm5t ( contributions ,contributions
 made to a ,/ate multiple employ] plan  
%all be treat$ 9 ! same mann] = purposes
 ( section #dja ( ! ,int]nal ,rev5ue    
,code ( #aihf z contributions to any o!r
 multiple employ] plan describ$ 9       
section #baj7;a74  7#b7 ,treatm5t ( plan
 ,a ,/ate plan describ$ 9 subsection 7a7
 %all be treat$ z a plan subject to     
section #dac7;c7 ( ! ,int]nal ,rev5ue   
,code ( #aihf4  4  #c4 ,c]ta9 ,/ate     
sav+s programs  7a7 ,9 g5]al ,a ,/ate   
may e/abli% & ma9ta9 a ,/ate payroll    
d$uction sav+s program 7ref]r$ to 9 ?is 
section z a program7 t provides         
individual retirem5t plans 7z def9$ 9   
section #ggja7;a77#cg7 ( ! ,int]nal     
,rev5ue ,code ( #aihf74 ,su* plan %all n
 be consid]$ an employee p5sion b5efit  
plan "u section #c7b7 ( ! ,employee     
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7b771 provid$ 
t--  7#a7 ! program is e/abli%$ by a    
,/ate pursuant to ,/ate law2  7#b7 !    

program is implem5t$ & adm9i/]$ by !    
,/ate e/abli%+ ! program1 & su* ,/ate is
 responsible = inve/+ ! employee sav+s  
or = select+ inve/m5t alt]natives =     
employees to *oose2  7#c7 ! ,/ate       
assumes responsibility = ! security (   
payroll d$uctions & employee sav+s2     
7#d7 ! ,/ate adopts measures to ensure t
 employees are notifi$ ( _! rights "u ! 
program1 & creates a me*anism = en=cem5t
 ( su* rights2  7#e7 p>ticipation 9 !   
program is volunt>y = employees2  7#f7  
all rights ( ! employee1 =m] employee1  
or b5efici>y "u ! program are en=ceable 
only by ! employee1 =m] employee1 or    
b5efici>y1 an au?oriz$ repres5tative (  
su* a p]son1 or by ! ,/ate2  7#g7 except
 = employ] contributions all[$ "u       
subsection 7b71 ! involvem5t ( ! employ]
 is limit$ to--  7,a7 collect+ employee 
contributions ?r\gh payroll d$uctions & 
remitt+ !m to ! program2  7,b7 provid+  
notice to ! employees & ma9ta9+ records 
reg>d+ ! employ]'s collection &         
remittance ( paym5ts "u ! program2  7,c7

 provid+ in=mation to ! ,/ate necess>y  
to facilitate ! op]ation ( ! program2 & 
7,d7 di/ribut+ program in=mation to     
employees f ! ,/ate & p]mitt+ ! ,/ate or
 su* entity to publicize ! program to   
employees2  7#h7 ! employ]'s            
p>ticipation 9 ! program is requir$ by  
,/ate law2  7#i7 ! employ] has no       
discretion>y au?ority1 control1 or      
responsibility "u ! program2 &  7#aj7 ! 
employ] receives no direct or indirect  
consid]ation 9 ! =m ( ca% or o!rwise1   
o!r ?an ! reimbursem5t ( ! actual co/s (
 ! program to ! employ] ( ! activities  
describ$ 9 p>agraph 7#h74  7b7 ,employ] 
contributions to an employee acc\nt 9 a 
,/ate sav+s program2 f9ancial inc5tives 
all[$ ,a ,/ate sav+s program describ$ 9 
subsection 7a7-- 7#a7 may p]mit an      
employ] to contribute funds to an       
employee's acc\nt "u ! payroll d$uction 
sav+s program1 & ne$ n require an       
employ] to make contributions to        
employee acc\nts1 provide bonuses1 or   
o!r monet>y inc5tives to employees to   

p>ticipate 9 ! program2  7#b7 may p]mit 
an employ] to provide bonuses or o!r    
monet>y inc5tive to employees to        
p>ticipate 9 ! program2  7#c7 may be    
(f]$ to employees :o are already        
eligible = "s o!r workplace sav+s       
arrangem5t2  7#d7 may utilize "o or m   
s]vice or inve/m5t provid]s to op]ate & 
adm9i/] ! program1 provid$ t ! ,/ate    
reta9s full responsibility = ! op]ation 
& adm9i/ration ( ! program2 &  7#e7 %all
 treat employees z hav+ automatically   
elect$ payroll d$uctions 9 an am\nt or  
p]c5tage ( comp5sation1 includ+ any     
automatic increases 9 su* am\nt or      
p]c5tage1 specifi$ "u ,/ate law until ! 
employee specifically elects n to h su* 
d$uctions made 7or specifically elects  
to h ! d$uctions made 9 a diff]5t am\nt 
or p]c5tage ( comp5sation all[$ by !    
program71 provid$ t ! employee is giv5  
adequate notice ( ! "r to make su*      
elections1 & ne$ n provide = ! automatic
 d$uctions4  7c7 ,def9itions ,= purposes
 ( ?is section-- 7#a7 ! t]m ,/ate has ! 

mean+ giv5 su* t]m 9 section #c ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjb71 &1 9
 ! case ( a ,/ate t has n e/abli%$ a    
,/ate payroll d$uction sav+s program    
describ$ 9 subsection 7a71 includes any 
qualifi$ political subdivision ( a      
,/ate2 &  7#b7 ! t]m qualifi$ political 
subdivision means any gov]nm5tal unit ( 
a ,/ate1 includ+ a city1 c\nty1 or      
simil> gov]nm5tal body1 t--  7,a7 has ! 
implicit or explicit au?ority "u ,/ate  
law to require employ] p>ticipation 9 a 
retirem5t sav+s acc\nt program describ$ 
9 subsection 7a72 &  7,b7 has a         
population equal to or great] ?an !     
population ( ! lea/ populat$ ( ! #ej    
,/ates 7exclud+ ! ,di/rict ( ,columbia &
 ! t]ritories74  7d7 ,cl>ification      
,section #c7b7 ( ! ,employee ,retirem5t 
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajjb7b77 is am5d$ by add+ at 
! end ! foll[+3  7,c7 ,a ,/ate payroll  
d$uction sav+s program e/abli%$ 9       
accordance ) section #c ( ! ,/ate       

,retirem5t ,sav+s ,act ( #bjaf is n an  
employee p5sion b5efit plan or p5sion   
plan = purposes ( ?is title4  4