senate Bill S5395

2021-2022 Legislative Session

Relates to the secure choice savings program

download bill text pdf

Sponsored By

Current Bill Status Via A3213 - Passed Senate & Assembly


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

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 07, 2021 returned to assembly
passed senate
3rd reading cal.1450
substituted for s5395a
Jun 07, 2021 substituted by a3213a
Jun 02, 2021 ordered to third reading cal.1450
committee discharged and committed to rules
Apr 28, 2021 print number 5395a
Apr 28, 2021 amend and recommit to consumer protection
Mar 03, 2021 referred to consumer protection

S5395 - Details

Law Section:
General Business Law
Laws Affected:
Amd §§1301, 1304, 1309, 1313, 1310 & 1300, Gen Bus L
Versions Introduced in 2019-2020 Legislative Session:
S6115

S5395 - 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.

S5395 - Sponsor Memo

S5395 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5395
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 3, 2021
                                ___________
 
 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. 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:
   (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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

view additional co-sponsors

S5395A (ACTIVE) - Details

Law Section:
General Business Law
Laws Affected:
Amd §§1301, 1304, 1309, 1313, 1310 & 1300, Gen Bus L
Versions Introduced in 2019-2020 Legislative Session:
S6115

S5395A (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.

S5395A (ACTIVE) - Sponsor Memo

S5395A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5395--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 3, 2021
                                ___________
 
 Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Consumer  Protection  --
   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:
   (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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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