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Bill

SB 41

Maryland Small Business Retirement Savings Board - Membership - Alteration

2025 Regular Session Introduced by Jim Rosapepe

SB 41 restructures Maryland's Small Business Retirement Savings Board membership to adjust governance representation and appointment procedures for the program serving small-business retirement plan administration.

Approved by the Governor - Chapter 292
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Bill Summary · SB 41

Legislative bill overview

SB 41 modifies the membership composition of Maryland's Small Business Retirement Savings Board by altering how members are appointed and potentially adjusting the board's size or representation requirements. The bill became law in May 2025 after passing through both chambers with favorable committee reports.

Why is this important

The Small Business Retirement Savings Board administers Maryland's program to help small businesses offer retirement plans to employees, addressing a significant gap in retirement security for workers at companies too small to sponsor traditional plans. Changes to board membership can affect the program's governance, stakeholder representation, and policy direction.

Potential points of contention

  • Representation balance: Unclear whether membership changes favor certain stakeholder groups (business owners, employees, government officials, financial services) over others
  • Board effectiveness: Alterations to membership composition could impact decision-making efficiency or the board's ability to serve its intended constituency
  • Appointment authority: Changes in how members are selected may shift power between the Governor, legislative bodies, or interest group nominees

Compiled from official sources — confirm details with the bill’s official record.

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