HB 957 provides for the automatic enrollment of an employee of a state agency in a 401(k) plan unless the employee affirmatively elects not to participate in the plan.  The bill further stipulates that an employee participating in a 401(k) plan makes a contribution of one percent of the compensation earned by the employee to a default investment product selected by the board of trustees of the Employees Retirement System (ERS). The bill would provide for an employee, in accordance with rules adopted by the board of trustees, to end participation in the 401(k) plan, contribute to a different investment product, or contribute a different amount to the plan. The bill, if enacted, will have no actuarial effect because it does not propose to change the funding or obligations of any public retirement system.