5740-S2.E AMH VOLZ PRIN 625

  

E2SSB 5740 - H AMD (TO H-2882.1/19) 759

By Representative Volz

NOT CONSIDERED 12/23/2019

On page 4, line 38 of the striking amendment, after "state" insert ", except to the extent that in operating the program, the director provides employers, consistent with section 6(11) of this act, with indemnification by the department for liabilities arising from employers' implemention of the program consistent with the laws of the state and rules adopted by the department"

On page 7, line 40 of the striking amendment, after "act." insert "In the event that an employer is found liable under the employee retirement income security act of 1974, or other federal law, for implementing the program consistent with the laws of the state and rules adopted by the department, the department must indemnify participating employers for damages incurred implementing the program."

EFFECT:   Requires the Department of Commerce to indemnify employers for liabilities that could arise under federal law for implementing the Secure Choice Retirement Savings Program consistent with the laws of the state and rules adopted by the Department of Commerce.

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