Assembly Actions -
Senate Actions - UPPERCASE
|Jan 08, 2020
referred to consumer protection
|May 16, 2019
referred to consumer protection
Senate Bill S6115
2019-2020 Legislative Session
Archive: Last Bill Status - In Senate Committee Consumer Protection Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2019-S6115 (ACTIVE) - Details
2019-S6115 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6115 SPONSOR: SAVINO TITLE OF BILL: An act to amend the general business law, in relation to the secure choice savings program PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to create a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establish an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner. SUMMARY OF PROVISIONS: Section 1301 of the general business law is amended to make enrollment into the New York state secure choice savings program automatic Section 1304 is amended to allow employees to opt out of the secure choice savings program Section 1309 subdivision 3 is are amended to
2019-S6115 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6115 2019-2020 Regular Sessions I N S E N A T E May 16, 2019 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection 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. LBD08082-04-9
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