Labor & Employment (Retirement Benefits)

This bill creates a retirement savings program for personal care attendants and family child care providers in Massachusetts. It requires the state to establish a retirement account program (similar to a 403(b)) with mandatory state employer contributions, including a 100% match on employee contributions up to a cap. The program must include labor representation on governance, low fees, and financial literacy resources, with the Department of Medical Assistance acting as employer for personal care attendants and the Department of Early Education and Care as employer for family child care providers. Implementation must be completed within one year of the bill's passage.

H 41 expands retirement savings access for new Massachusetts state and local government employees hired on or after June 1, 2024. The bill creates an automatic enrollment feature in the state's deferred compensation program, requiring no prior employee authorization for payroll deductions (except for new hires who can opt out within 90 days). Key provisions include automatic annual contribution increases unless employees choose otherwise, a default investment option for those who don't select one, and specific notice requirements. This applies only to governmental bodies that choose to implement the program, and it exempts automatic enrollment from state laws requiring employee authorization for payroll deductions.