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History
- Print number 6045d
- Amend and recommit to finance
- Print number 6045c
- Amend and recommit to finance
- Reported and committed to finance
- Print number 6045b
- Amend and recommit to civil service and pensions
- Referred to civil service and pensions
- Print number 6045a
- Amend and recommit to rules
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to enacting the New York state secure choice savings program act
Assembly Floor Calendar · Sponsor Robert J. Rodriguez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the retirement and social security law and the state finance law, in relation to enacting the New York state secure choice savings program act
Purpose or general idea of bill
The purpose of this is bill to create a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establish an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.
Summary of specific provisions
Section 1 titles the Act the "New York State Secure Choice Savings Program Act".
Section 2 amends the retirement and social security law to add a new article, 14-C.
*Section 570 defines terms: program established, composition of the board, fiduciary duty, duties of the board, risk management, investment firms, investment options, benefits, employer and employee information packets and disclosure forms, program implementation and enrollment, payments, duty and liability of the state, duty and liability of participating employers, audit and reports, penalties, delayed implementation, and federal considerations.
*Section 571 establishes the New York State Secure Choice Savings Program, in the form of an automatic enrollment payroll deduction IRA, to administered by the New York Secure Choice Savings Board.
Section 572 Establishes the New York state secure choice savings board, composed of eight appointed members.
*Section 573 Outlines the fiduciary responsibilities and duties of the savings board.
*Section 574 Outlines the responsibilities and other duties of the savings board.
*Section 575 Requires the board to annually prepare and adopt a written statement outlining the provisions associated with risk management.
*Section 576 permits the board to, by competitive bid, engage investment manager(s)
*Section 577 outlines investment options
*Section 578 provides that interest lost or gained shall be allocated in to individuals accounts
*Section 579 Provides for the creation and distribution of employer and employee information packets and disclosure forms.
*Section 580 Implements the New York state secure savings program within twenty four months after the effective date of this article.
*Section 581 -- provides that mechanism to pay into fund employee contributions through payroll deductions
*Section 582 Maintains that the state of New York shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the program.
*Section 583 - provides employers with relief from employees investment decisions Section 584 Requires the board to submit annual financial reports and audits. Section 585 Enacts penalties for enrollment failure.
*Section 586 provides for delay of implementation if sufficient funds are not available
*Section 587 requires Board to request a ruling or opinion from Federal Government on applicability of ERISA laws on program.
*Section 3 - amends state finance law by adding two new sections
*Section 99-aa - creates the New York state secure choice savings program fund
*Section 99-bb - creates the New York state secure choice administrative fund.
Justification
According to a survey by the Bureau of Labor Statistics, 97% of privately owned establishments, employing 500 workers or more, offer retirement and health benefits. That percentage is halved when compared to establishments with less than 49 workers. Moreover, in 2014 President Barrack Obama suggested that states need to do more to provide workers with options to fund retirement plans due to congressional inaction. This legislation would provide employees of smaller establishment's access to retirement saving options.
Prior legislative history
none
Fiscal implications
To Be Determined
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.