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Maryland Considering Mandating a State-Run Retirement Plan - How would this affect you and your employees?

Author: Miranda Bond Date: August 06, 2014

We want to hear from you! Maryland is considering mandating a state-run retirement plan which would affect almost every business owner and employee in Maryland. This is something that NFIB/MD will more than likely be fighting during the next legislative session. We are collecting stories about how this mandate will affect you and your employees. Please send your stories to Miranda Bond miranda.bond@nfib.org and let us know if you would like to get involved in fighting against this legislation.

During the 2014 General Assembly session, NFIB opposed legislation (HB 1251/SB 921) that would create a state-run retirement savings program for private sector employees. Both bills died in committee. However,  Governor Martin O’Malley is insuring that this issue lives on. In May he issued an executive order establishing a task force to ensure retirement security for all Marylanders. To view the governor’s press release, click here.

NFIB thanks our members who applied to represent the financial service industry and small business community on the task force. An additional thank you goes to Senator Ed Reilly (D-33) for his submitting a letter of recommendation in support of one of his constituents, an NFIB member, for the task force. Although none of our applying members were selected to serve on the task force, NFIB encourages members to attend the public meetings, participate in the discussion, and offer themselves as a resource.

The task force hosted its first public meetings August 7, 2014 and will reportedly host additional meetings. The task force plans to issue a report on their findings no later than December 4, 2014 to the Governor, the President of the Senate, and the Speaker of the House of Delegates.

If you are interested in attending future task force meetings, please contact Miranda Bond, NFIB Member Support Manager. Miranda can be reached at (202) 314-2070 or Miranda.Bond@NFIB.org.

To view the Department of Labor, Licensing and Regulation notification, click here. Additional details about the task force and its members can be found here.

Issue History:

Images from the August 7 Governor’s Task Force to Ensure Retirement Security for All Marylanders meeting.

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