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Utah Senate approves SB 10 to set $26 maximum 401(k) employer match, sends bill to House
Summary
On Jan. 27, 2014, the Utah Senate passed SB 10, which sets a $26-per-pay-period maximum employer match for certain 401(k) plans and reallocates previously reserved funds; the roll-call vote was 29-0 and the bill was referred to the House.
The Utah Senate on Jan. 27, 2014, voted 29-0 to pass Senate Bill 10, an amendment that sets the maximum employer match for certain 401(k)-style retirement options at $26 per pay period and reallocates money the Legislature had set aside to cover the change.
Senator Hilliard, the senator listed with SB 10 during second reading, told colleagues the measure implements portions of last year’s House Bill 194 and clarifies which departments will receive funding for employees who chose the fixed-cost retirement option. “What this does,…
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