senate Bill S6045D

2015-2016 Legislative Session

Relates to enacting the New York state secure choice savings program act

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Finance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 13, 2016 print number 6045d
Jun 13, 2016 amend and recommit to finance
Jun 03, 2016 print number 6045c
Jun 03, 2016 amend and recommit to finance
May 23, 2016 reported and committed to finance
Apr 13, 2016 print number 6045b
Apr 13, 2016 amend and recommit to civil service and pensions
Jan 06, 2016 referred to civil service and pensions
Dec 21, 2015 print number 6045a
Dec 21, 2015 amend and recommit to rules
Sep 11, 2015 referred to rules

Votes

view votes

May 23, 2016 - Civil Service and Pensions committee Vote

S6045B
8
1
committee
8
Aye
1
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 23, 2016

nay (1)
aye wr (2)

S6045 - Details

See Assembly Version of this Bill:
A8332F
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 586, R & SS L; add §§99-aa & 99-bb, St Fin L

S6045 - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

S6045 - Sponsor Memo

S6045 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6045

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                           September 11, 2015
                               ___________

Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Short  title. This act shall be known and may be cited as
the "New York state secure choice savings program act".
  S 2. The retirement and social security law is amended by adding a new
article 14-C to read as follows:
                              ARTICLE 14-C
              NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
SECTION 570. DEFINITIONS.
        571. PROGRAM ESTABLISHED.
        572. COMPOSITION OF THE BOARD.
        573. FIDUCIARY DUTY.
        574. DUTIES OF THE BOARD.
        575. RISK MANAGEMENT.
        576. INVESTMENT FIRMS.
        577. INVESTMENT OPTIONS.
        578. BENEFITS.
        579. EMPLOYER AND EMPLOYEE INFORMATION  PACKETS  AND  DISCLOSURE
               FORMS.
        580. PROGRAM IMPLEMENTATION AND ENROLLMENT.
        581. PAYMENTS.
        582. DUTY AND LIABILITY OF THE STATE.
        583. DUTY AND LIABILITY OF PARTICIPATING EMPLOYERS.
        584. AUDIT AND REPORTS.
        585. PENALTIES.
        586. DELAYED IMPLEMENTATION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11645-01-5

Co-Sponsors

S6045A - Details

See Assembly Version of this Bill:
A8332F
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 586, R & SS L; add §§99-aa & 99-bb, St Fin L

S6045A - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

S6045A - Sponsor Memo

S6045A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6045--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                           September 11, 2015
                               ___________

Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "New York state secure choice savings program act".
  S 2. The retirement and social security law is amended by adding a new
article 14-C to read as follows:
                              ARTICLE 14-C
              NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
SECTION 570. DEFINITIONS.
        571. PROGRAM ESTABLISHED.
        572. COMPOSITION OF THE BOARD.
        573. FIDUCIARY DUTY.
        574. DUTIES OF THE BOARD.
        575. RISK MANAGEMENT.
        576. INVESTMENT FIRMS.
        577. INVESTMENT OPTIONS.
        578. BENEFITS.
        579. EMPLOYER  AND  EMPLOYEE  INFORMATION PACKETS AND DISCLOSURE
               FORMS.
        580. PROGRAM IMPLEMENTATION AND ENROLLMENT.
        581. PAYMENTS.
        582. DUTY AND LIABILITY OF THE STATE.
        583. DUTY AND LIABILITY OF PARTICIPATING EMPLOYERS.
        584. AUDIT AND REPORTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11645-03-5

Co-Sponsors

view additional co-sponsors

S6045B - Details

See Assembly Version of this Bill:
A8332F
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 586, R & SS L; add §§99-aa & 99-bb, St Fin L

S6045B - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

S6045B - Sponsor Memo

S6045B - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6045--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                           September 11, 2015
                               ___________

Introduced  by Sens. SAVINO, ADDABBO, AVELLA, PANEPINTO, PERALTA -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee  on  Rules  --  committee  discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee --  recommitted
  to  the  Committee  on  Civil  Service and Pensions in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "New York state secure choice savings program act".
  S 2. The retirement and social security law is amended by adding a new
article 14-C to read as follows:
                              ARTICLE 14-C
              NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
SECTION 570. DEFINITIONS.
        571. PROGRAM ESTABLISHED.
        572. COMPOSITION OF THE BOARD.
        573. FIDUCIARY DUTY.
        574. DUTIES OF THE BOARD.
        575. RISK MANAGEMENT.
        576. INVESTMENT FIRMS.
        577. INVESTMENT OPTIONS.
        578. BENEFITS.
        579. EMPLOYER  AND  EMPLOYEE  INFORMATION PACKETS AND DISCLOSURE
               FORMS.
        580. PROGRAM IMPLEMENTATION AND ENROLLMENT.
        581. PAYMENTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11645-05-6

Co-Sponsors

view additional co-sponsors

S6045C - Details

See Assembly Version of this Bill:
A8332F
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 586, R & SS L; add §§99-aa & 99-bb, St Fin L

S6045C - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

S6045C - Sponsor Memo

S6045C - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6045--C

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                           September 11, 2015
                               ___________

Introduced by Sens. SAVINO, ADDABBO, AVELLA, CARLUCCI, COMRIE, HAMILTON,
  HOYLMAN, PANEPINTO, PARKER, PERALTA, SANDERS -- read twice and ordered
  printed, and when printed to be committed to the Committee on Rules --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- recommitted to the Committee on Civil
  Service and Pensions in accordance with  Senate  Rule  6,  sec.  8  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- reported favorably from said  commit-
  tee and committed to the Committee on Finance -- committee discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee

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

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Short  title. This act shall be known and may be cited as
the "New York state secure choice savings program act".
  S 2. The retirement and social security law is amended by adding a new
article 14-C to read as follows:
                              ARTICLE 14-C
              NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
SECTION 570. DEFINITIONS.
        571. PROGRAM ESTABLISHED.
        572. COMPOSITION OF THE BOARD.
        573. FIDUCIARY DUTY.
        574. DUTIES OF THE BOARD.
        575. RISK MANAGEMENT.
        576. INVESTMENT FIRMS.
        577. INVESTMENT OPTIONS.
        578. BENEFITS.
        579. EMPLOYER AND EMPLOYEE INFORMATION  PACKETS  AND  DISCLOSURE
               FORMS.
        580. PROGRAM IMPLEMENTATION AND ENROLLMENT.

Co-Sponsors

view additional co-sponsors

S6045D (ACTIVE) - Details

See Assembly Version of this Bill:
A8332F
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 586, R & SS L; add §§99-aa & 99-bb, St Fin L

S6045D (ACTIVE) - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

S6045D (ACTIVE) - Sponsor Memo

S6045D (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6045--D

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                           September 11, 2015
                               ___________

Introduced by Sens. SAVINO, ADDABBO, AVELLA, CARLUCCI, COMRIE, HAMILTON,
  HOYLMAN, PANEPINTO, PARKER, PERALTA, SANDERS -- read twice and ordered
  printed, and when printed to be committed to the Committee on Rules --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- recommitted to the Committee on Civil
  Service and Pensions in accordance with  Senate  Rule  6,  sec.  8  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- reported favorably from said  commit-
  tee and committed to the Committee on Finance -- committee discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee -- committee discharged, bill amended, ordered reprinted  as
  amended and recommitted to said committee

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

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "New York state secure choice savings program act".
  S 2. The retirement and social security law is amended by adding a new
article 14-C to read as follows:
                              ARTICLE 14-C
              NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
SECTION 570. DEFINITIONS.
        571. PROGRAM ESTABLISHED.
        572. COMPOSITION OF THE BOARD.
        573. FIDUCIARY DUTY.
        574. DUTIES OF THE BOARD.
        575. RISK MANAGEMENT.
        576. INVESTMENT FIRMS.
        577. INVESTMENT OPTIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11645-18-6

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