Chapter 149 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserting after section 181 the following section:-
Section 181A. Notwithstanding the provisions of section 181, or any other law to the contrary, no person, firm, corporation or other entity providing a matching contribution or annual addition to a 401(k) plan shall make such payment in a single lump sum in any taxable year on behalf of or to an employee. For the purposes of this section “401(k) plan” means a traditional 401(k), a safe harbor 401(k), a SIMPLE 401(k) or an automatic enrollment 401(k) created pursuant to 26 U.S.C. section 401(k). Any matching contribution or annual addition by an employer to an employee 401(k) plan shall made at the regular pay period for such employee’s wages or compensation.
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