Maryland § 12-402
Full text of Maryland Maryland Code § 12-402, with citation guidance and answers to common questions.
§ 12-402.
(a) (1) After the Board opens the Program for enrollment, covered employers shall establish a payroll deposit retirement savings arrangement to allow employee participation in the Program.
(2) A covered employer shall automatically enroll a covered employee in the Program, unless the employee elects to opt out in accordance with procedures established by the Board.
(b) If a covered employer is not in compliance with subsection (a) of this section, the covered employer may not receive a waiver of the filing fee under § 1–203(b)(13) of the Corporations and Associations Article.
(c) Employers shall retain the option at all times to set up any type of employer–offered savings arrangement instead of having a payroll deposit retirement savings arrangement to allow employee participation in the Program.
(d) Compliance with this title and participation in the Program by itself does not create a fiduciary obligation of an employer with respect to the operation of the Program or funds contributed to the Program.
Frequently Asked Questions About Maryland § 12-402
What does Maryland Code § 12-402 cover?
Section 12-402 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-402?
A common citation format is "Maryland Code § 12-402" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.