Senate Bill S8654A

2021-2022 Legislative Session

Relates to the secure choice savings program and participating individuals

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9882 - Passed Senate


  • 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

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Actions
Votes

Bill Amendments

co-Sponsors

2021-S8654 - Details

See Assembly Version of this Bill:
A9882
Law Section:
General Business Law
Laws Affected:
Amd §§1300, 1301, 1303, 1304, 1309 & 1310, add §1310-a, Gen Bus L
Versions Introduced in 2023-2024 Legislative Session:
S2399, A4529

2021-S8654 - Summary

Relates to the secure choice savings program and participating individuals.

2021-S8654 - Sponsor Memo

2021-S8654 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8654
 
                             I N  S E N A T E
 
                              March 25, 2022
                                ___________
 
 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 and participating individuals
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 1300 of the  general  business  law,  as  added  by
 section 2 of part X of chapter 55 of the laws of 2018 and subdivisions 4
 and  8 as amended by chapter 452 of the laws of 2021, is amended to read
 as follows:
   § 1300. Definitions. All terms shall have the  same  meaning  as  when
 used  in  a  comparable context in the Internal Revenue Code. As used in
 this article, the following terms shall have the following meanings:
   1. "Board" shall mean the New York secure choice savings program board
 established under this article.
   2. "Superintendent" shall mean the superintendent of the department of
 financial services.
   2-a. "Commissioner"  shall  mean  the  commissioner  of  taxation  and
 finance.
   2-b. "Comptroller" shall mean the comptroller of the state.
   3.  "Employee"  shall mean any individual who is eighteen years of age
 or older, who is employed by an employer, and who earned  wages  working
 for an employer in New York state during a calendar year.
   4.  "Employer"  shall  mean  a person or entity engaged in a business,
 industry, profession, trade, or other  enterprise  in  New  York  state,
 whether  for  profit or not for profit, that (i) has at all times during
 the previous calendar year employed at least ten employees in the state,
 (ii) has been in business at least two years, and (iii) has not  offered
 a qualified retirement plan, including, but not limited to, a plan qual-
 ified  under  sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or
 457(b) of the Internal Revenue Code of 1986 in the preceding two years.
   5. "Enrollee" shall mean any employee who is enrolled in the program.
   6. "Internal Revenue Code" shall mean the  Internal  Revenue  Code  of
 1986, or any successor law, in effect for the calendar year.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2021-S8654A (ACTIVE) - Details

See Assembly Version of this Bill:
A9882
Law Section:
General Business Law
Laws Affected:
Amd §§1300, 1301, 1303, 1304, 1309 & 1310, add §1310-a, Gen Bus L
Versions Introduced in 2023-2024 Legislative Session:
S2399, A4529

2021-S8654A (ACTIVE) - Summary

Relates to the secure choice savings program and participating individuals.

2021-S8654A (ACTIVE) - Sponsor Memo

2021-S8654A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8654--A
     Cal. No. 1029
 
                             I N  S E N A T E
 
                              March 25, 2022
                                ___________
 
 Introduced by Sens. SAVINO, GOUNARDES, HARCKHAM, SEPULVEDA -- read twice
   and ordered printed, and when printed to be committed to the Committee
   on  Consumer  Protection  --  reported  favorably from said committee,
   ordered to first report, amended on first report, ordered to a  second
   report  and  ordered  reprinted,  retaining  its place in the order of
   second report

 AN ACT to amend the general business law,  in  relation  to  the  secure
   choice savings program and participating individuals
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1300 of the  general  business  law,  as  added  by
 section 2 of part X of chapter 55 of the laws of 2018 and subdivisions 4
 and  8 as amended by chapter 452 of the laws of 2021, is amended to read
 as follows:
   § 1300. Definitions. All terms shall have the  same  meaning  as  when
 used  in  a  comparable context in the Internal Revenue Code. As used in
 this article, the following terms shall have the following meanings:
   1. "Board" shall mean the New York secure choice savings program board
 established under this article.
   2. "Superintendent" shall mean the superintendent of the department of
 financial services.
   2-a. "Commissioner"  shall  mean  the  commissioner  of  taxation  and
 finance.
   2-b. "Comptroller" shall mean the comptroller of the state.
   3.  "Employee"  shall mean any individual who is eighteen years of age
 or older, who is employed by an employer, and who earned  wages  working
 for an employer in New York state during a calendar year.
   4.  "Employer"  shall  mean  a person or entity engaged in a business,
 industry, profession, trade, or other  enterprise  in  New  York  state,
 whether  for  profit or not for profit, that (i) has at all times during
 the previous calendar year employed at least ten employees in the state,
 (ii) has been in business at least two years, and (iii) has not  offered
 a qualified retirement plan, including, but not limited to, a plan qual-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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