§ 1309 — Employer and employee informational materials and disclosure forms

§ 1309. Employer and employee informational materials and disclosure\nforms. 1. Prior to the opening of the program for enrollment, the board\nshall design and disseminate, or cause to be designed and disseminated,\nto all employers employer informational materials and employee\ninformational materials, which shall include background information on\nthe program, and necessary disclosures as required by law for employees.\n 2. The employee informational materials shall be made available in\nEnglish, Spanish, Haitian Creole, Chinese, Korean, Russian, Arabic, and\nany other language the board deems necessary.\n 3. The employee informational materials shall include a disclosure\nform. The disclosure form shall explain, but not be limited to, all of\nthe following:\n (a) the benefits and risks associated with making contributions to the\nprogram;\n (b) the process for making contributions to the program;\n (c) how to opt out of the program;\n (d) the process by which an employee can participate in the program\nwith a level of employee contributions other than three percent;\n (e) that they are not required to participate or contribute more than\nthree percent;\n (f) the process for withdrawal of retirement savings;\n (g) the process for selecting beneficiaries of their retirement\nsavings;\n (h) how to obtain additional information about the program;\n (i) that employees seeking financial advice should contact financial\nadvisors, that participating employers are not in a position to provide\nfinancial advice, and that participating employers are not liable for\ndecisions employees make pursuant to this article;\n (j) information on how to access any available financial literacy\nprograms;\n (k) that the program fund is not guaranteed by the state; and\n (l) that they can opt out after they have been enrolled.\n 4. The employee informational materials shall also include a form for\nan employee to note his or her decision to opt out of participation in\nthe program or elect to participate with a level of employee\ncontributions other than three percent.\n 5. Participating employers shall supply the employee informational\nmaterials to existing employees at least one month prior to the\nparticipating employers' facilitation of access to the program.\nParticipating employers shall supply the employee informational\nmaterials to new employees at the time of hiring and new employees may\nopt out of participation in the program.\n