Maryland bill would add comptroller to Small Business Retirement Savings Board

Riley Dove, testifying for the Maryland Small Business Retirement Savings Board, told the House Economic Matters Committee that House Bill 825 would add the comptroller (or the comptroller's designee) as a voting member of the board that oversees the Maryland Small Business Retirement Savings Program and Trust.

"By adding the comptroller or their designee, Maryland would be following leaders states like California, Illinois, New Jersey, and Connecticut," Dove said. She told the committee the comptroller has already been working with the board on data sharing and resource management and that HB 825 "has no fiscal impact on the state."

The bill, Dove said, would change the board's composition. The board currently has 11 members: three appointed by the governor, three by the senate president, three by the speaker of the House, and two ex officio members. Dove and other proponents said adding the comptroller would bring financial-oversight expertise to the board.

Glenn Simmons, executive director of Maryland Saves, told the committee he supports the change and said Comptroller Liermann has supported Maryland Saves since before the program's 2015'16 start. Simmons said the comptroller's office has helped with communications and with legislation enabling sharing of contact information for businesses that do not offer retirement plans. "I'm convinced that adding the comptroller to our board of directors will enhance our program, improve our communications, and generate more awareness in the program," Simmons said. He added the board and Maryland Saves want the program to make a workplace retirement plan available to every working Marylander.

Committee members asked whether the added member would be voting or nonvoting. Simmons replied that "every member on the board has a vote," and Dove said the fiscal note that listed some officers as nonvoting must be incorrect and would be corrected.

Committee discussion included program participation figures. Simmons reported the program has "just under 5,500 employers registered with the program. Of that 5,500, about 1,500 of them are actually actively participating" by submitting payroll contributions for employees. Proponents noted the bill already passed the Senate.

The panel concluded without a recorded committee vote during the hearing; members said staff would correct the fiscal note language about voting status.

Proponents asked the committee for a favorable report on HB 825; no formal committee action was recorded in the hearing transcript provided.