NY State Assembly Bill 2019-A5978B

Archive: Last Bill Status - In Assembly 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 12, 2020	print number 5978b
Feb 12, 2020	amend and recommit to governmental employees
Jan 08, 2020	referred to governmental employees
Apr 30, 2019	print number 5978a
Apr 30, 2019	amend and recommit to governmental employees
Feb 22, 2019	referred to governmental employees

Bill Amendments

Original

B (Active)

2019-A5978 - Details

Current Committee:: Assembly Governmental Employees
Law Section:: General Business Law
Laws Affected:: Amd §§1301, 1304, 1309, 1313, 1310 & 1300, Gen Bus L
Versions Introduced in 2021-2022 Legislative Session:: A3213

2019-A5978 - Summary

Ensures that employees are automatically enrolled into the secure choice savings program and if they do not want to participate in the program, they must opt out.

2019-A5978 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5978
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2019
                                ___________
 
 Introduced  by  M.  of  A.  RODRIGUEZ  --  read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the general business law,  in  relation  to  the  secure
   choice savings program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 1301 of the  general  business  law,  as  added  by
 section  2  of  part  X of chapter 55 of the laws of 2018, is amended to
 read as follows:
   § 1301. Program established. There is hereby established a  retirement
 savings  program  in  the  form  of  [a] AN AUTOMATIC ENROLLMENT payroll
 deduction IRA, known  as  the  New  York  state  secure  choice  savings
 program.  The  general  administration and responsibility for the proper
 operation of the program shall be administered  by  the  board  for  the
 purpose  of  promoting  greater  retirement  savings  for private-sector
 employees in a convenient, low-cost, and portable manner. The board  may
 delegate  such  authority  and  responsibility  for  the development and
 implementation of the program to the department of taxation and  finance
 as the board deems proper.
   §  2.  Subdivision  9  of section 1304 of the general business law, as
 added by section 2 of part X of chapter 55  of  the  laws  of  2018,  is
 amended to read as follows:
   9.  Evaluate  and  establish  or  authorize the process for enrollment
 including the process by which an employee may OPT NOT TO participate in
 the program, select a contribution level, select an  investment  option,
 and terminate participation in the program.
   §  3.  Subdivisions 3, 4 and 5 of section 1309 of the general business
 law, as added by section 2 of part X of chapter 55 of the laws of  2018,
 are amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08082-01-9

 A. 5978                             2
 
   3.  The  employee  informational  materials shall include a disclosure
 form.  The disclosure form shall explain, but not be limited to, all  of
 the following:
   (a) the benefits and risks associated with making contributions to the
 program;
   (b) the process for making contributions to the program;
   (c) how to [cease participation in] OPT OUT OF the program;
   (d)  the  process  by which an employee can participate in the program
 with a level of employee contributions other than three percent;
   (e) that they are not required to participate or contribute more  than
 three percent;
   (f) the process for withdrawal of retirement savings;
   (g)  the  process  for  selecting  beneficiaries  of  their retirement
 savings;
   (h) how to obtain additional information about the program;
   (i) that employees seeking financial advice should  contact  financial
 advisors,  that participating employers are not in a position to provide
 financial advice, and that participating employers are  not  liable  for
 decisions employees make pursuant to this article;
   (j)  information  on  how  to  access any available financial literacy
 programs; [and]
   (k) that the program fund is not guaranteed by the state;
   (L) THAT THEY CAN OPT OUT AFTER THEY HAVE BEEN ENROLLED.
   4. The employee informational materials shall also include a form  for
 an  employee  to  note  his  or  her  decision [regarding] TO OPT OUT OF
 participation in the program or [election] ELECT to participate  with  a
 level of employee contributions other than three percent.
   5.  Participating  employers  shall  supply the employee informational
 materials to existing employees at least one month prior to the  partic-
 ipating employers' facilitation of access to the program.  Participating
 employers  shall  supply  the  employee  informational  materials to new
 employees at the time of hiring AND NEW EMPLOYEES MAY OPT OUT OF PARTIC-
 IPATION IN THE PROGRAM.
   § 4. Subdivision 1 of section 1313 of the  general  business  law,  as
 added  by  section  2  of  part  X of chapter 55 of the laws of 2018, is
 amended to read as follows:
   1. Participating employers shall not have any liability for an employ-
 ee's decision regarding whether to participate in, OR OPT  OUT  OF,  the
 program or for the investment decisions of the board or of any enrollee.
   § 5. This act shall take effect immediately.

co-Sponsors

View additional co-sponsors

multi-Sponsors

2019-A5978A - Details

Current Committee:: Assembly Governmental Employees
Law Section:: General Business Law
Laws Affected:: Amd §§1301, 1304, 1309, 1313, 1310 & 1300, Gen Bus L
Versions Introduced in 2021-2022 Legislative Session:: A3213

2019-A5978A - Summary

Ensures that employees are automatically enrolled into the secure choice savings program and if they do not want to participate in the program, they must opt out.

2019-A5978A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5978--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2019
                                ___________
 
 Introduced  by  M.  of  A.  RODRIGUEZ  --  read once and referred to the
   Committee on Governmental  Employees  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the general business law,  in  relation  to  the  secure
   choice savings program

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1301 of the  general  business  law,  as  added  by
 section  2  of  part  X of chapter 55 of the laws of 2018, is amended to
 read as follows:
   § 1301. Program established. There is hereby established a  retirement
 savings  program  in  the  form  of  [a] AN AUTOMATIC ENROLLMENT payroll
 deduction IRA, known  as  the  New  York  state  secure  choice  savings
 program.  The  general  administration and responsibility for the proper
 operation of the program shall be administered  by  the  board  for  the
 purpose  of  promoting  greater  retirement  savings  for private-sector
 employees in a convenient, low-cost, and portable manner. The board  may
 delegate  such  authority  and  responsibility  for  the development and
 implementation of the program to the department of taxation and  finance
 as the board deems proper.
   §  2.  Subdivision  9  of section 1304 of the general business law, as
 added by section 2 of part X of chapter 55  of  the  laws  of  2018,  is
 amended to read as follows:
   9.  Evaluate  and  establish  or  authorize the process for enrollment
 including the process by which an employee may OPT NOT TO participate in
 the program, select a contribution level, select an  investment  option,
 and terminate participation in the program.
   §  3.  Subdivisions 3, 4 and 5 of section 1309 of the general business
 law, as added by section 2 of part X of chapter 55 of the laws of  2018,
 are amended to read as follows:

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

                                                            LBD08082-03-9

 A. 5978--A                          2
 
   3.  The  employee  informational  materials shall include a disclosure
 form.  The disclosure form shall explain, but not be limited to, all  of
 the following:
   (a) the benefits and risks associated with making contributions to the
 program;
   (b) the process for making contributions to the program;
   (c) how to [cease participation in] OPT OUT OF the program;
   (d)  the  process  by which an employee can participate in the program
 with a level of employee contributions other than three percent;
   (e) that they are not required to participate or contribute more  than
 three percent;
   (f) the process for withdrawal of retirement savings;
   (g)  the  process  for  selecting  beneficiaries  of  their retirement
 savings;
   (h) how to obtain additional information about the program;
   (i) that employees seeking financial advice should  contact  financial
 advisors,  that participating employers are not in a position to provide
 financial advice, and that participating employers are  not  liable  for
 decisions employees make pursuant to this article;
   (j)  information  on  how  to  access any available financial literacy
 programs; [and]
   (k) that the program fund is not guaranteed by the state;
   (L) THAT THEY CAN OPT OUT AFTER THEY HAVE BEEN ENROLLED.
   4. The employee informational materials shall also include a form  for
 an  employee  to  note  his  or  her  decision [regarding] TO OPT OUT OF
 participation in the program or [election] ELECT to participate  with  a
 level of employee contributions other than three percent.
   5.  Participating  employers  shall  supply the employee informational
 materials to existing employees at least one month prior to the  partic-
 ipating employers' facilitation of access to the program.  Participating
 employers  shall  supply  the  employee  informational  materials to new
 employees at the time of hiring AND NEW EMPLOYEES MAY OPT OUT OF PARTIC-
 IPATION IN THE PROGRAM.
   § 4. Subdivision 1 of section 1313 of the  general  business  law,  as
 added  by  section  2  of  part  X of chapter 55 of the laws of 2018, is
 amended to read as follows:
   1. Participating employers shall not have any liability for an employ-
 ee's decision regarding whether to participate in, OR OPT  OUT  OF,  the
 program or for the investment decisions of the board or of any enrollee.
   §  5.    Subdivision 1 of section 1310 of the general business law, as
 added by section 2 of part X of chapter 55  of  the  laws  of  2018,  is
 amended to read as follows:
   1.  [No  employer  shall  be  required  to participate in or otherwise
 implement the program.] (A) EACH PARTICIPATING EMPLOYER SHALL  ESTABLISH
 A  PAYROLL  DEDUCTION  IRA  TO ALLOW EACH EMPLOYEE TO PARTICIPATE IN THE
 PROGRAM AT MOST NINE MONTHS  AFTER  THE  BOARD  OPENS  THE  PROGRAM  FOR
 ENROLLMENT.
   (B)  PARTICIPATING EMPLOYERS SHALL AUTOMATICALLY ENROLL IN THE PROGRAM
 EACH OF THEIR EMPLOYEES WHO HAS NOT OPTED OUT OF  PARTICIPATION  IN  THE
 PROGRAM  USING  THE  FORM  DESCRIBED  IN  THIS ARTICLE AND SHALL PROVIDE
 PAYROLL DEDUCTION RETIREMENT SAVINGS ARRANGEMENTS FOR SUCH EMPLOYEES AND
 DEPOSIT, ON BEHALF OF SUCH EMPLOYEES,  THESE  FUNDS  INTO  THE  PROGRAM.
 SMALL  EMPLOYERS  WITH LESS THAN TEN EMPLOYEES MAY, BUT ARE NOT REQUIRED
 TO, OPT INTO THE PROGRAM.

 A. 5978--A                          3
 
   § 6. Subdivisions 4 and 8 of section 1300 of the general business law,
 as added by section 2 of part X of chapter 55 of the laws of  2018,  are
 amended and a new subdivision 10-a is added to read as follows:
   4.  "Employer"  shall  mean  a person or entity engaged in a business,
 industry, profession, trade, or other  enterprise  in  New  York  state,
 whether  for  profit or not for profit, that (I) HAS AT ALL TIMES DURING
 THE PREVIOUS CALENDAR YEAR EMPLOYED AT LEAST TEN EMPLOYEES IN THE STATE,
 (II) HAS BEEN IN BUSINESS AT LEAST TWO YEARS, AND (III) has not  offered
 a qualified retirement plan, including, but not limited to, a plan qual-
 ified  under  sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or
 457(b) of the Internal Revenue Code of 1986 in the preceding two years.
   8. "Participating employer" shall mean an employer OR  SMALL  EMPLOYER
 that  [elects to facilitate] FACILITATES access to the program's payroll
 deduction IRA as provided for by this article for its employees who  are
 enrollees in the program.
   10-A.  "SMALL  EMPLOYER"  SHALL  MEAN  A PERSON OR ENTITY ENGAGED IN A
 BUSINESS, INDUSTRY, PROFESSION, TRADE, OR OTHER ENTERPRISE IN  NEW  YORK
 STATE, WHETHER FOR PROFIT OR NOT FOR PROFIT, THAT (I) EMPLOYED LESS THAN
 TEN  EMPLOYEES  AT  ANY  ONE  TIME  IN THE STATE THROUGHOUT THE PREVIOUS
 CALENDAR YEAR, OR (II) HAS BEEN IN BUSINESS LESS THAN TWO YEARS, OR BOTH
 PARAGRAPHS (I) AND (II), BUT THAT NOTIFIES THE COMPTROLLER  THAT  IT  IS
 INTERESTED IN BEING A PARTICIPATING EMPLOYER.
   § 7. This act shall take effect immediately.

co-Sponsors

View additional co-sponsors

multi-Sponsors

2019-A5978B (ACTIVE) - Details

Current Committee:: Assembly Governmental Employees
Law Section:: General Business Law
Laws Affected:: Amd §§1301, 1304, 1309, 1313, 1310 & 1300, Gen Bus L
Versions Introduced in 2021-2022 Legislative Session:: A3213

2019-A5978B (ACTIVE) - Summary

Ensures that employees are automatically enrolled into the secure choice savings program and if they do not want to participate in the program, they must opt out.

2019-A5978B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5978--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2019
                                ___________
 
 Introduced by M. of A. RODRIGUEZ, MONTESANO, FAHY, PEOPLES-STOKES, WOER-
   NER, WEPRIN, BARRON, BLAKE, ORTIZ, GOTTFRIED, PALMESANO, SANTABARBARA,
   RAMOS, PICHARDO, JOYNER, MOSLEY, ARROYO -- Multi-Sponsored by -- M. of
   A.  GALEF  --  read once and referred to the Committee on Governmental
   Employees -- committee discharged, bill amended, ordered reprinted  as
   amended  and  recommitted  to  said  committee  --  recommitted to the
   Committee on Governmental Employees in accordance with  Assembly  Rule
   3,  sec. 2 -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the general business law,  in  relation  to  the  secure
   choice savings program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1301 of the  general  business  law,  as  added  by
 section  2  of  part  X of chapter 55 of the laws of 2018, is amended to
 read as follows:
   § 1301. Program established. There is hereby established a  retirement
 savings  program  in  the  form  of  [a] AN AUTOMATIC ENROLLMENT payroll
 deduction IRA, known  as  the  New  York  state  secure  choice  savings
 program.  The  general  administration and responsibility for the proper
 operation of the program shall be administered  by  the  board  for  the
 purpose  of  promoting  greater  retirement  savings  for private-sector
 employees in a convenient, low-cost, and portable manner. The board  may
 delegate  such  authority  and  responsibility  for  the development and
 implementation of the program to the department of taxation and  finance
 as the board deems proper.
   § 2. Subdivisions 7 and 9 of section 1304 of the general business law,
 as  added  by section 2 of part X of chapter 55 of the laws of 2018, are
 amended to read as follows:
   7. Evaluate and establish or authorize the process for:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08082-07-0

 A. 5978--B                          2
 
   (a) an enrollee to contribute a portion of his or  her  wages  to  the
 program via payroll deduction; and
   (b)  the  [voluntary]  enrollment  of  participating  employers in the
 program.
   9. Evaluate and establish or  authorize  the  process  for  enrollment
 including the process by which an employee may OPT NOT TO participate in
 the  program,  select a contribution level, select an investment option,
 and terminate participation in the program.
   § 3. Subdivisions 3, 4 and 5 of section 1309 of the  general  business
 law,  as added by section 2 of part X of chapter 55 of the laws of 2018,
 are amended to read as follows:
   3. The employee informational materials  shall  include  a  disclosure
 form.   The disclosure form shall explain, but not be limited to, all of
 the following:
   (a) the benefits and risks associated with making contributions to the
 program;
   (b) the process for making contributions to the program;
   (c) how to [cease participation in] OPT OUT OF the program;
   (d) the process by which an employee can participate  in  the  program
 with a level of employee contributions other than three percent;
   (e)  that they are not required to participate or contribute more than
 three percent;
   (f) the process for withdrawal of retirement savings;
   (g) the  process  for  selecting  beneficiaries  of  their  retirement
 savings;
   (h) how to obtain additional information about the program;
   (i)  that  employees seeking financial advice should contact financial
 advisors, that participating employers are not in a position to  provide
 financial  advice,  and  that participating employers are not liable for
 decisions employees make pursuant to this article;
   (j) information on how to  access  any  available  financial  literacy
 programs; [and]
   (k) that the program fund is not guaranteed by the state; AND
   (L) THAT THEY CAN OPT OUT AFTER THEY HAVE BEEN ENROLLED.
   4.  The employee informational materials shall also include a form for
 an employee to note his or  her  decision  [regarding]  TO  OPT  OUT  OF
 participation  in  the program or [election] ELECT to participate with a
 level of employee contributions other than three percent.
   5. Participating employers shall  supply  the  employee  informational
 materials  to existing employees at least one month prior to the partic-
 ipating employers' facilitation of access to the program.  Participating
 employers shall supply  the  employee  informational  materials  to  new
 employees at the time of hiring AND NEW EMPLOYEES MAY OPT OUT OF PARTIC-
 IPATION IN THE PROGRAM.
   §  4.  Subdivision  1  of section 1313 of the general business law, as
 added by section 2 of part X of chapter 55  of  the  laws  of  2018,  is
 amended to read as follows:
   1. Participating employers shall not have any liability for an employ-
 ee's  decision  regarding  whether to participate in, OR OPT OUT OF, the
 program or for the investment decisions of the board or of any enrollee.
   § 5. Subdivisions 1, 4 and 5 of section 1310 of the  general  business
 law,  as added by section 2 of part X of chapter 55 of the laws of 2018,
 are amended to read as follows:
   1. [No employer shall be  required  to  participate  in  or  otherwise
 implement  the  program.]  (A)  EACH PARTICIPATING EMPLOYER SHALL HAVE A
 PAYROLL DEPOSIT RETIREMENT SAVINGS ARRANGEMENT TO ALLOW EACH EMPLOYEE TO

 A. 5978--B                          3
 
 PARTICIPATE IN THE PROGRAM AT MOST NINE MONTHS AFTER THE BOARD OPENS THE
 PROGRAM FOR ENROLLMENT.
   (B)  PARTICIPATING EMPLOYERS SHALL AUTOMATICALLY ENROLL IN THE PROGRAM
 EACH OF THEIR EMPLOYEES WHO HAS NOT OPTED OUT OF  PARTICIPATION  IN  THE
 PROGRAM  USING  THE  FORM  DESCRIBED  IN  THIS ARTICLE AND SHALL PROVIDE
 PAYROLL DEDUCTION RETIREMENT SAVINGS ARRANGEMENTS FOR SUCH EMPLOYEES AND
 DEPOSIT, ON BEHALF OF SUCH EMPLOYEES, THESE FUNDS INTO THE PROGRAM.
   4. Following initial implementation of the program  pursuant  to  this
 section,  at  least once every year, the program shall designate an open
 enrollment period during which employees WHO PREVIOUSLY OPTED OUT OF THE
 PROGRAM may enroll in the program.
   5. An employee who [chooses not to participate in]  OPTS  OUT  OF  the
 program and who subsequently wants to participate may only enroll during
 the  program's  designated open enrollment period or if permitted by the
 program at an earlier time.
   § 6. Subdivisions 4 and 8 of section 1300 of the general business law,
 as added by section 2 of part X of chapter 55 of the laws of  2018,  are
 amended to read as follows:
   4.  "Employer"  shall  mean  a person or entity engaged in a business,
 industry, profession, trade, or other  enterprise  in  New  York  state,
 whether  for  profit or not for profit, that (I) HAS AT ALL TIMES DURING
 THE PREVIOUS CALENDAR YEAR EMPLOYED AT LEAST TEN EMPLOYEES IN THE STATE,
 (II) HAS BEEN IN BUSINESS AT LEAST TWO YEARS, AND (III) has not  offered
 a qualified retirement plan, including, but not limited to, a plan qual-
 ified  under  sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or
 457(b) of the Internal Revenue Code of 1986 in the preceding two years.
   8. "Participating employer" shall mean an  employer  that  [elects  to
 facilitate] FACILITATES access to the program's payroll deduction IRA as
 provided  for by this article for its employees who are enrollees in the
 program.
   § 7. This act shall take effect immediately.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Assembly Bill A5978B

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2019-A5978 - Details

2019-A5978 - Summary

2019-A5978 - Bill Text download pdf

co-Sponsors

multi-Sponsors

2019-A5978A - Details

2019-A5978A - Summary

2019-A5978A - Bill Text download pdf

co-Sponsors

multi-Sponsors

2019-A5978B (ACTIVE) - Details

2019-A5978B (ACTIVE) - Summary

2019-A5978B (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A5978B

Share this bill

Sponsored By

RODRIGUEZ

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2019-A5978 - Details

2019-A5978 - Summary

2019-A5978 - Bill Text download pdf

co-Sponsors

Michele Titus

Michael Montesano

Patricia Fahy

Crystal Peoples-Stokes

multi-Sponsors

Sandy Galef

2019-A5978A - Details

2019-A5978A - Summary

2019-A5978A - Bill Text download pdf

co-Sponsors

Michele Titus

Michael Montesano

Patricia Fahy

Crystal Peoples-Stokes

multi-Sponsors

Sandy Galef

2019-A5978B (ACTIVE) - Details

2019-A5978B (ACTIVE) - Summary

2019-A5978B (ACTIVE) - Bill Text download pdf

Comments