An Act expanding access to retirement savings

H 41 expands retirement savings access for new Massachusetts state and local government employees hired on or after June 1, 2024. The bill creates an automatic enrollment feature in the state's deferred compensation program, requiring no prior employee authorization for payroll deductions (except for new hires who can opt out within 90 days). Key provisions include automatic annual contribution increases unless employees choose otherwise, a default investment option for those who don't select one, and specific notice requirements. This applies only to governmental bodies that choose to implement the program, and it exempts automatic enrollment from state laws requiring employee authorization for payroll deductions.