Budget Amendment ID: FY2021-S4-1

GOV 1

401(k) CORE Programs

Messrs. Collins and O'Connor moved that the proposed new text be amended in section 2, by adding the following new sections:

"SECTION XX. Section 64 of Chapter 29 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by inserting at the end thereof the following paragraph:-

“The state treasurer, on behalf of the deferred compensation program, may adopt annual budgets and supplemental budgets as necessary. Said budgets may include salaries for treasury employees tasked with working on and/or administering the deferred compensation program, and said budgets may be funded from the administrative expense account of the deferred compensation program. Any such treasury employee whose compensation is sourced from the deferred compensation program shall be an “employee” as that term is defined in section 1 of chapter 32 and shall be a member of the Massachusetts state employees’ retirement system.”

SECTION XX. Section 64E of Chapter 29 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking, in lines 5 and 6, the following:- “and employing not more than 20 persons,”

SECTION XX. Said Section 64E of said Chapter 29 of the General Laws, as so appearing, is hereby further amended by inserting at the end thereof the following subsection:-

“(g) Notwithstanding any general or special law to the contrary, the state treasurer, or designee, may seek to reduce operating expenses for the plan through private donations or grants, which may include direct and indirect fundraising.”