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
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to consumer protection
May 16, 2019 referred to consumer protection

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:

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.

S6115 (ACTIVE) - Sponsor Memo

S6115 (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K


                       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


  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.


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