There is a Maryland Small Business Retirement Savings Program. The Maryland Small Business Retirement Savings Program shall only include one or more payroll deposit IRA arrangements as determined by the Board. The Board shall: implement a range of investment options and providers; and select a default investment option for Program participants. When selecting investment options, the Board shall consider methods to minimize the risk of significant investment losses at the time of a participating employee’s retirement. The Board may provide an investment option that provides an assured lifetime income. The Board shall consider investment options that minimize administrative expenses. Ongoing annual administrative expenses may not exceed 0.5% of assets under management in the Program. The Board may not offer any investment options that conflict with federal law. The Board may not offer any investment options that could result in liability to the State or its taxpayers.

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. 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. 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. 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. 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.

A covered employee of a participating employer may elect to opt out of the Program. A covered employee of a participating employer who elects to opt out of the Program may re–enroll in the Program in accordance with procedures established by the Board. After the Board opens the Program for enrollment, an employee of a nonparticipating employer may elect to participate in the Program as authorized by the Board. A participating employee may terminate participation in the Program at any time in a manner prescribed by the Board. Unless otherwise specified by the employee, a participating employee shall contribute a fixed percentage or dollar amount of the employee’s salary or wages to the Program. By regulation, the Board shall set and may adjust the default contribution amount set in subsection (e) of this section. The assets in a participating employee’s Program account are the property of the participating employee.