Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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---|---|
Oct 21, 2021 | signed chap.452 |
Oct 13, 2021 | delivered to governor |
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 |
senate Bill S5395
Signed By GovernorSponsored By
Diane J. Savino
(D, IP) 0 Senate District
Archive: Last Bill Status Via A3213 - Signed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
Your Voice
Actions
Votes
Bill Amendments
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 - Sponsor Memo
BILL NUMBER: S5395 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 1RA, 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 one of the bill would amend section 1301 of the general business law to make enrollment into the New York state secure choice savings program automatic.
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
John E. Brooks
(D) 0 Senate District
Leroy Comrie
(D) 14th Senate District
Andrew Gounardes
(D) 26th Senate District
Robert Jackson
(D, WF) 31st Senate District
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) - Sponsor Memo
BILL NUMBER: S5395A 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 one of the bill would amend section 1301 of the general business law to make enrollment into the New York state secure choice savings program automatic.
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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