(1) The State Treasurer shall establish the program so that individuals can begin contributing under the program not later than August 1, 2028.
(2) The State Treasurer may, in his discretion, phase in the program so that the ability to contribute first applies on different dates for different classes of individuals, including employees of employers of different sizes or types and individuals who are not employees (self-employed, independent contractors, etc.). However, any such staged or phased-in implementation schedule must be substantially completed not later than July 1, 2028.
(3) The State Treasurer shall not implement the program if and to the extent that it determines that the program is preempted by ERISA. Accordingly, if and as needed, the State Treasurer shall implement the program in a severable fashion to the extent practicable if and to the extent that the State Treasurer determines:(a) That a portion or aspect of the program is preempted by ERISA, the State Treasurer shall not implement that portion or aspect of the program but shall proceed to implement the remainder of the program to the extent practicable; or(b) That some but not all of the payroll deduction IRA arrangements or other arrangements under the program are or would be employee benefit plans under ERISA, the State Treasurer shall proceed to implement the program with respect to the other arrangements under the program to the extent practicable.
(a) That a portion or aspect of the program is preempted by ERISA, the State Treasurer shall not implement that portion or aspect of the program but shall proceed to implement the remainder of the program to the extent practicable; or
(b) That some but not all of the payroll deduction IRA arrangements or other arrangements under the program are or would be employee benefit plans under ERISA, the State Treasurer shall proceed to implement the program with respect to the other arrangements under the program to the extent practicable.