An Act expanding access to retirement savings

This bill expands retirement savings access for new state and local government employees in Massachusetts. It requires automatic enrollment in the state's retirement savings plan for all new commonwealth employees hired on or after June 1, 2024, without needing prior employee authorization. Key provisions include a 90-day opt-out period, automatic annual contribution increases (unless declined), and limits to IRS-safeguarded contribution levels. The plan must provide clear notices and include a default investment option for automatically enrolled participants. Existing employees and agencies choosing not to implement the feature are not affected.