(a) The State Treasurer shall adopt rules to implement the program that:(a) Establish the processes for enrollment and contributions to payroll deduction IRAs under the program, including elections by covered employees, withholding by covered employers of employee payroll deduction contributions from wages and remittance for deposit to IRAs, and voluntary enrollment and contributions by others, including self-employed individuals and independent contractors, through payroll deduction or otherwise;(b) Establish the processes for withdrawals, rollovers, and direct transfers from IRAs under the program in the interest of facilitating portability and maximization of benefits;(c) Establish processes for phasing in enrollment of eligible individuals;(d) Conduct outreach to individuals, employers, other stakeholders, and the public regarding the program. Specify the contents, frequency, timing, and means of required disclosures from the program to covered employees, participants, other individuals eligible to participate in the program, covered employers, and other interested parties. These disclosures shall include, but need not be limited to:(i) The benefits associated with tax-favored retirement saving;(ii) The potential advantages and disadvantages associated with contributing to Roth IRAs and, if applicable, traditional IRAs under the program;(iii) The eligibility rules for Roth IRAs and, if applicable, traditional IRAs;(iv) That the individual (and not the employer, the state, any state official, or the program) will be solely responsible for determining whether, and, if so, how much, the individual is eligible to contribute on a tax-favored basis to an IRA;(v) The penalty for excess contributions to IRAs and the method of correcting excess contributions;(vi) Instructions for enrolling, making elections to contribute or to decline to contribute, and making elections regarding contribution rates, type of IRA, and investments;(vii) Instructions for implementing and for changing the elections;(viii) The potential availability of a saver’s tax credit, including the eligibility conditions for the credit and instructions on how to claim it;(ix) That employees seeking tax, investment, or other financial advice should contact appropriate professional advisors, and that covered employers are not in a position to provide such advice and are not liable for decisions individuals make in relation to the program;(x) That the payroll deduction IRAs are intended not to be employer-sponsored retirement plans and that the program is not an employer-sponsored retirement plan;(xi) The potential implications of account balances under the program for the application of asset limits under certain public assistance programs;(xii) That the account owner is solely responsible for investment performance, including market gains and losses, and that IRA accounts and rates of return are not guaranteed by any employer, the state, any state official, or the program;(xiii) Additional information about retirement and saving and other information designed to promote financial literacy and capability (which may take the form of links to, or explanations of how to obtain, such information); and(xiv) How to obtain additional information about the program.
(a) Establish the processes for enrollment and contributions to payroll deduction IRAs under the program, including elections by covered employees, withholding by covered employers of employee payroll deduction contributions from wages and remittance for deposit to IRAs, and voluntary enrollment and contributions by others, including self-employed individuals and independent contractors, through payroll deduction or otherwise;
(b) Establish the processes for withdrawals, rollovers, and direct transfers from IRAs under the program in the interest of facilitating portability and maximization of benefits;
(c) Establish processes for phasing in enrollment of eligible individuals;
(d) Conduct outreach to individuals, employers, other stakeholders, and the public regarding the program. Specify the contents, frequency, timing, and means of required disclosures from the program to covered employees, participants, other individuals eligible to participate in the program, covered employers, and other interested parties. These disclosures shall include, but need not be limited to:(i) The benefits associated with tax-favored retirement saving;(ii) The potential advantages and disadvantages associated with contributing to Roth IRAs and, if applicable, traditional IRAs under the program;(iii) The eligibility rules for Roth IRAs and, if applicable, traditional IRAs;(iv) That the individual (and not the employer, the state, any state official, or the program) will be solely responsible for determining whether, and, if so, how much, the individual is eligible to contribute on a tax-favored basis to an IRA;(v) The penalty for excess contributions to IRAs and the method of correcting excess contributions;(vi) Instructions for enrolling, making elections to contribute or to decline to contribute, and making elections regarding contribution rates, type of IRA, and investments;(vii) Instructions for implementing and for changing the elections;(viii) The potential availability of a saver’s tax credit, including the eligibility conditions for the credit and instructions on how to claim it;(ix) That employees seeking tax, investment, or other financial advice should contact appropriate professional advisors, and that covered employers are not in a position to provide such advice and are not liable for decisions individuals make in relation to the program;(x) That the payroll deduction IRAs are intended not to be employer-sponsored retirement plans and that the program is not an employer-sponsored retirement plan;(xi) The potential implications of account balances under the program for the application of asset limits under certain public assistance programs;(xii) That the account owner is solely responsible for investment performance, including market gains and losses, and that IRA accounts and rates of return are not guaranteed by any employer, the state, any state official, or the program;(xiii) Additional information about retirement and saving and other information designed to promote financial literacy and capability (which may take the form of links to, or explanations of how to obtain, such information); and(xiv) How to obtain additional information about the program.
(i) The benefits associated with tax-favored retirement saving;
(ii) The potential advantages and disadvantages associated with contributing to Roth IRAs and, if applicable, traditional IRAs under the program;
(iii) The eligibility rules for Roth IRAs and, if applicable, traditional IRAs;
(iv) That the individual (and not the employer, the state, any state official, or the program) will be solely responsible for determining whether, and, if so, how much, the individual is eligible to contribute on a tax-favored basis to an IRA;
(v) The penalty for excess contributions to IRAs and the method of correcting excess contributions;
(vi) Instructions for enrolling, making elections to contribute or to decline to contribute, and making elections regarding contribution rates, type of IRA, and investments;
(vii) Instructions for implementing and for changing the elections;
(viii) The potential availability of a saver’s tax credit, including the eligibility conditions for the credit and instructions on how to claim it;
(ix) That employees seeking tax, investment, or other financial advice should contact appropriate professional advisors, and that covered employers are not in a position to provide such advice and are not liable for decisions individuals make in relation to the program;
(x) That the payroll deduction IRAs are intended not to be employer-sponsored retirement plans and that the program is not an employer-sponsored retirement plan;
(xi) The potential implications of account balances under the program for the application of asset limits under certain public assistance programs;
(xii) That the account owner is solely responsible for investment performance, including market gains and losses, and that IRA accounts and rates of return are not guaranteed by any employer, the state, any state official, or the program;
(xiii) Additional information about retirement and saving and other information designed to promote financial literacy and capability (which may take the form of links to, or explanations of how to obtain, such information); and
(xiv) How to obtain additional information about the program.