assembly Bill A5978B

2019-2020 Legislative Session

Relates to the secure choice savings program

download bill text pdf

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Archive: Last Bill Status - In Assembly 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 (6)
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

A5978 - Details

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

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.

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

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A5978A - Details

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

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.

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.

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A5978B (ACTIVE) - Details

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

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.

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