senate Bill S4344B

2017-2018 Legislative Session

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

download bill text pdf

Sponsored By

Current 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 (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2018 reported and committed to finance
Jan 03, 2018 referred to civil service and pensions
Jun 16, 2017 print number 4344b
Jun 16, 2017 amend and recommit to civil service and pensions
Jun 09, 2017 print number 4344a
Jun 09, 2017 amend and recommit to civil service and pensions
Feb 10, 2017 referred to civil service and pensions

Votes

view votes

Jan 29, 2018 - Civil Service and Pensions committee Vote

S4344B
10
0
committee
10
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: Jan 29, 2018

aye wr (1)

Co-Sponsors

view additional co-sponsors

S4344 - Details

See Assembly Version of this Bill:
A4982B
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 585, R & SS L; add §§99-bb & 99-cc, St Fin L
Versions Introduced in 2015-2016 Legislative Session:
S6045D, A8332F

S4344 - 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.

S4344 - Sponsor Memo

S4344 - Bill Text download pdf

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

                                  4344

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 10, 2017
                               ___________

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

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.
                                                           LBD05116-01-7

Co-Sponsors

view additional co-sponsors

S4344A - Details

See Assembly Version of this Bill:
A4982B
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 585, R & SS L; add §§99-bb & 99-cc, St Fin L
Versions Introduced in 2015-2016 Legislative Session:
S6045D, A8332F

S4344A - 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.

S4344A - Sponsor Memo

S4344A - Bill Text download pdf

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

                                 4344--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 10, 2017
                               ___________

Introduced  by Sens. SAVINO, ADDABBO, ALCANTARA, AVELLA, BAILEY, CARLUC-
  CI, GALLIVAN, HAMILTON, HOYLMAN,  KRUEGER,  LANZA,  LATIMER,  PERALTA,
  RANZENHOFER,  SANDERS,  STAVISKY,  VALESKY  --  read twice and ordered
  printed, and when printed to be committed to the  Committee  on  Civil
  Service  and  Pensions  -- 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05116-05-7

Co-Sponsors

view additional co-sponsors

S4344B (ACTIVE) - Details

See Assembly Version of this Bill:
A4982B
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 585, R & SS L; add §§99-bb & 99-cc, St Fin L
Versions Introduced in 2015-2016 Legislative Session:
S6045D, A8332F

S4344B (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.

S4344B (ACTIVE) - Sponsor Memo

S4344B (ACTIVE) - Bill Text download pdf

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

                                 4344--B

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 10, 2017
                               ___________

Introduced  by Sens. SAVINO, ADDABBO, ALCANTARA, AVELLA, BAILEY, CARLUC-
  CI, GALLIVAN, HAMILTON, HOYLMAN,  KRUEGER,  LANZA,  LATIMER,  PERALTA,
  RANZENHOFER,  SANDERS,  STAVISKY,  VALESKY  --  read twice and ordered
  printed, and when printed to be committed to the  Committee  on  Civil
  Service  and  Pensions  -- 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.
        578. BENEFITS.
        579. EMPLOYER  AND  EMPLOYEE  INFORMATION PACKETS AND DISCLOSURE
               FORMS.
        580. PROGRAM IMPLEMENTATION AND ENROLLMENT.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05116-07-7

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