An Act relative to the SMART plan

This bill amends Massachusetts state laws to update the definition of workers in the SMART deferred compensation plan from "independent contractors" to "contracted employees." It grants the state treasurer authority to adopt annual budgets that include salaries for staff administering the program and allows the treasurer to establish an automatic enrollment feature for new state employees hired on or after June 1, 2022. The legislation also permits other governmental bodies to opt into automatic enrollment for their new employees hired after June 1, 2024, provided they follow specific rules regarding contribution limits, automatic annual increases, and a ninety-day window for employees to opt out.