Senate Bill S6115

2019-2020 Legislative Session

Relates to the secure choice savings program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Consumer Protection 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

Do you support this bill?

Please enter your contact information

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

2019-S6115 (ACTIVE) - Details

Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §§1301, 1304, 1309, 1313, 1310 & 1300, Gen Bus L
Versions Introduced in 2021-2022 Legislative Session:
S5395

2019-S6115 (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-S6115 (ACTIVE) - Sponsor Memo

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

              

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.