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 Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-S6045 - Details

See Assembly Version of this Bill:
A8332
Current Committee:
Senate Finance
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
Versions Introduced in 2017-2018 Legislative Session:
S4344, A4982

2015-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.

2015-S6045 - Sponsor Memo

2015-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

2015-S6045A - Details

See Assembly Version of this Bill:
A8332
Current Committee:
Senate Finance
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
Versions Introduced in 2017-2018 Legislative Session:
S4344, A4982

2015-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.

2015-S6045A - Sponsor Memo

2015-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

2015-S6045B - Details

See Assembly Version of this Bill:
A8332
Current Committee:
Senate Finance
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
Versions Introduced in 2017-2018 Legislative Session:
S4344, A4982

2015-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.

2015-S6045B - Sponsor Memo

2015-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

2015-S6045C - Details

See Assembly Version of this Bill:
A8332
Current Committee:
Senate Finance
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
Versions Introduced in 2017-2018 Legislative Session:
S4344, A4982

2015-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.

2015-S6045C - Sponsor Memo

2015-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

2015-S6045D (ACTIVE) - Details

See Assembly Version of this Bill:
A8332
Current Committee:
Senate Finance
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
Versions Introduced in 2017-2018 Legislative Session:
S4344, A4982

2015-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.

2015-S6045D (ACTIVE) - Sponsor Memo

2015-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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