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Bill would let local governments auto-enroll employees in local deferred compensation plans
Summary
House Bill 1270 would allow local governments that operate their own deferred compensation plans to enroll employees on an opt-out basis, mirroring a state practice begun in 2017. Committee staff presented the bill; no public testimony was signed up and no vote was taken.
House Bill 1270 was presented to the Appropriations Committee by David Pringle, staff to the committee. Pringle said the bill would permit local government employers that offer their own deferred compensation programs to provide enrollment on an opt-out basis rather than opt-in.
Pringle noted the state deferred compensation program began enrolling new state employees at a 3% contribution rate on an opt-out basis in 2017 and that this approach increased participation; HB 1270 would allow participating local governments to adopt a similar opt-out enrollment method for their local plans. A fiscal note from the Department of Retirement Systems and the state actuary was included in the committee packet and did not anticipate any impacts from the bill.
No public testimony was offered for HB 1270 at the hearing. The committee concluded the public hearing with no formal action recorded and the bill was scheduled for executive session on Monday with other bills.
