NY State Senate Bill 2017-S4655

Senate Bill S4655

2017-2018 Legislative Session

Relates to establishing a state government task force to study the feasibility of creating a New York State sponsored retirement security program for private sector workers in the state

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Archive: Last Bill Status - In Senate Committee Civil Service And Pensions 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to civil service and pensions
Feb 23, 2017	referred to civil service and pensions

co-Sponsors

2017-S4655 (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement

2017-S4655 (ACTIVE) - Summary

Relates to establishing a state government task force to study the feasibility of creating a New York state sponsored retirement security program for private sector workers in the state.

2017-S4655 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4655

 TITLE OF BILL :

An act establishing a state government task force to study the
feasibility of creating a New York State sponsored retirement security
program for private sector workers in the state

 PURPOSE :

To review whether private sector employees are adequately saving for
retirement and whether a state-sponsored retirement program is
necessary.

 SUMMARY OF PROVISIONS :

Section one provides for the establishment of a state government task
force to study the feasibility of a state-sponsored retirement
security program for private sector workers.

Furthermore, section one provides that the task force is to review
reports and recommendations from reputable sources, conduct its own
studies, surveys and make inquiries to determine whether the need
exists in this State for a state-sponsored retirement security
program. Section one also sets forth the criteria the task force is to
consider when making such a determination. Additionally, the task

force shall consult with representatives of the state's small business
associations, investment advisor trade groups, insurance and
investment company associations, consumer groups and any other
interested parties or stakeholders.

Section one also directs that there must be a minimum of four public
hearings around the state, all information reviewed or generated by
the task force are to be subject to disclosure laws, and all findings
and recommendations are to be made public in a report to the Governor,
President of Pro Tem of the Senate and the Speaker of the Assembly
within one year of the effective date of this statute. If the report
recommends a state-sponsored retirement program the report must
include a time-frame and process for its establishment.

Section two is the effective date.

 EXISTING LAW :

 JUSTIFICATION :

Recent surveys have raised a question of whether private sector
employees are adequately saving for retirement. These surveys do not
offer adequate explanations to the reasons why those private sector
employees have not been able to obtain an increased level of
retirement security. Many theories have been offered but no specific
reasons have been established. This serious issue merits examination
and consideration of this state government.

By establishing a New York State specific task force that works with
representatives from the industry, consumer groups and other
interested parties to study this State's current private-sector
workers retirement programs and the adequacy of their retirement
savings, the legislature will be better equipped to determine the most
appropriate way to address the issue. If the task force determines the
current private sector resources, along with Federal and State laws,
are not sufficient to allow private-sector workers to adequately save
for retirement, the state will have the information it needs to create
and support the establishment of a successful state-sponsored
retirement program.

This legislation also offers a specific framework which will,
depending on the findings of the task force, provide the structure of
a program, which would enable New Yorkers to provide for their
retirement security.

 LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :

None.

 EFFECTIVE DATE :
Immediately.

2017-S4655 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4655
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 23, 2017
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT establishing a state government task force to study the feasibil-
   ity of creating a New York State sponsored retirement security program
   for private sector workers in the state

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 1. There shall be established a state government task force
 consisting  of the superintendent of financial services and the director
 of the budget to study the feasibility of establishing a state sponsored
 retirement security program for private sector workers in this state.
   2. The task force shall utilize the  personnel  and  services  of  any
 other state agency in order to complete said feasibility study.
   3. The task force shall review such reports and recommendations issued
 by any reputable source and shall examine the activities of other states
 in this area.
   4.  The  task  force shall initially conduct such studies, surveys and
 inquiries necessary to determine whether a need exists in this state for
 a state sponsored retirement security program or whether current private
 sector resources along with federal and state laws  and  incentives  are
 sufficient  to  provide private sector workers with ability to establish
 adequate individual retirement programs designed to provide  the  requi-
 site retirement security.
   5.  In  the  event that the task force determines that current private
 sector resources along with federal and state laws are not sufficient to
 allow  private  sector  workers  to  establish   individual   retirement
 programs,  the  task  force shall determine the feasibility of the state
 sponsoring a retirement security program for private sector workers.  In
 the course of such studies the task force shall consider  the  following
 criteria:
   a. maximization of participation and ease of enrollment;

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

                                                            LBD08241-01-7

 S. 4655                             2
 
   b. limitation of risk and fees;
   c. portability of benefits;
   d.  conformity  with  the  provisions of the federal retirement income
 security act and any other applicable federal or New York state law;
   e. prohibition of the  possibility  of  incurring  debt  or  financial
 liability  to  the state of New York or to any business that enrolls its
 workers in the program;
   f. maximizing the utilization of private  sector  investment  vehicles
 and  the  use,  by  individual private sector workers, of private sector
 investment advice; and
   g. maximizing the amount of choices of investment vehicles by  private
 sector workers.
   6.  The  task  force  shall consult with representatives of New York's
 small business associations, investment advisor trade groups,  insurance
 and  investment  company  associations,  consumer  groups  and any other
 interested party or stakeholder.
   7. The task force shall conduct a minimum of four public  hearings  in
 such  locations  as  to provide reasonable access to all persons of this
 state who may wish to be heard at such hearing.
   8. All proceedings of the task force shall be public and all documents
 reviewed or generated by the task force shall be subject  to  disclosure
 in accordance with the state's freedom of information law.
   9.  The  task  force  shall  make  public and present its findings and
 recommendations in a report to the governor, the temporary president  of
 the senate and the speaker of the assembly within one year of the effec-
 tive  date of this act. If such recommendations include establishment of
 a state sponsored retirement security program for private sector workers
 then the report shall include a process and a time-frame by  which  such
 program may be established.
   § 2. This act shall take effect immediately.

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Senate Bill S4655

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Sponsored By

James L. Seward