Local News
8:47 am
Thu February 20, 2014

MD Lawmakers Propose Retirement Plan Requirement for Small Businesses

Senator Richard Madaleno (D-Montgomery County)
Senator Richard Madaleno (D-Montgomery County)
Credit official photo

ANNAPOLIS, Md. (AP) - Maryland lawmakers are sponsoring a measure to make retirement plans available to private sector workers who are not currently covered by employer-sponsored plans.

Sen. James Rosapepe, Sen. Richard Madaleno and Del. Tom Hucker are sponsoring legislation. A hearing is scheduled for Thursday morning before the Senate Pensions Subcommittee.

A press conference has been scheduled for noon Thursday to talk about the measure. The lawmakers will be joined by SEIU, AARP and Maryland Business, a small business advocacy organization.

Under the bill, Maryland private sector employers who do not currently offer a retirement plan to their employees would be required to offer employee-funded retirement plans. A state-sponsored, nonprofit plan would be available to employees in the firms.