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Senate Bill S5728

2025-2026 Legislative Session

Expands participation in the New York state secure choice savings program

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Sponsored By

Current Bill Status - In Senate Committee Consumer Protection Committee

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2025-S5728 (ACTIVE) - Details

Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §1300, Gen Bus L
Versions Introduced in 2023-2024 Legislative Session:
S7885

2025-S5728 (ACTIVE) - Summary

Expands participation in the New York state secure choice savings program.

2025-S5728 (ACTIVE) - Sponsor Memo

2025-S5728 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5728
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 28, 2025
                                ___________
 
 Introduced  by Sen. HARCKHAM -- 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  expanding
   participation in the New York state secure choice savings program

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 1300 of the general business  law,
 as  amended  by  chapter  776 of the laws of 2023, is amended to read as
 follows:
   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] FIVE 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  qualified  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.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10467-01-5

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