Note: This is a summary of a select section of Public Act 16-29. Click here to view Public Act 16-29 in its entirety.
Program Informational Material
The bill requires the authority board of directors created by this act to prepare program informational material for distribution by qualified employers to plan participants and prospective plan participants. At a minimum these must include:
- the benefits and risks associated with making contributions to, or withdrawals from, the program;
- the program contribution process, including a contribution election form;
- clear and conspicuous notice regarding the default contribution level;
- the process for a participant to opt out of the program by electing a contribution level of zero;
- the process for withdrawing retirement savings, including an explanation of the tax treatment of withdrawals;
- how a participant may obtain additional information on the program, including investment option information;
- a description of relevant state and federal regulations, including those addressing contribution limits, and
- other information the board deems fit to provide to participants, potential participants, and qualified employers.
Click here to view more Public Act 16-29 summaries.