1314 – Audit and Reports.
§ 1314. Audit and reports. 1. The board shall annually submit: (a) an audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the program during each calendar year by July first of the following year to the governor, the commissioner, the speaker of the assembly, the temporary president of […]
1315 – Delayed Implementation.
§ 1315. Delayed implementation. The board may delay the implementation of the program an additional twelve months beyond the date established in section thirteen hundred ten of this article if the board determines that further delay is necessary to address legal, financial or other programmatic concerns impacting the viability of the program. The board shall […]
1316 – Regulations.
§ 1316. Regulations. The commissioner may issue such rules and regulations as he or she deems necessary to implement the terms of this article.
1310 – Program Implementation and Enrollment.
§ 1310. Program implementation and enrollment. Except as otherwise provided in this article, the program shall be implemented, and enrollment of employees shall begin no later than December thirty-first, two thousand twenty-one. The provisions of this section shall be in force after the board opens the program for enrollment. 1. (a) Each participating employer shall […]
1311 – Payments.
§ 1311. Payments. Employee contributions deducted by the participating employer through payroll deduction shall be remitted by the participating employer to the program using one or more payroll deduction IRAs established or authorized by the board under this article, either: 1. on or before the last day of the month following the month in which […]
1312 – Duty and Liability of the State.
§ 1312. Duty and liability of the state. 1. The state shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any enrollee under the program. Any financial liability for the payment of retirement savings benefits in excess of funds available under the program shall be […]
1313 – Duty and Liability of Participating Employers.
§ 1313. Duty and liability of participating employers. 1. Participating employers shall not have any liability for an employee’s decision regarding whether to participate in, or opt out of, the program or for the investment decisions of the board or of any enrollee. 2. A participating employer is not establishing or maintaining the program’s payroll […]
1304 – Duties of the Board.
§ 1304. Duties of the board. In addition to the other duties and responsibilities stated in this article, the board shall, itself or through the use of appropriate financial organizations as managers: 1. Cause the program to be designed, established and operated in a manner that: (a) accords with best practices for retirement savings vehicles; […]
1305 – Risk Managemant.
§ 1305. Risk management. The board shall annually prepare, or cause to be prepared, and adopt a written statement of investment policy that includes a risk management and oversight program. This investment policy shall prohibit the board and the program from borrowing for investment purposes. The risk management and oversight program shall be designed to […]
1306 – Financial Organizations.
§ 1306. Financial organizations. 1. The board shall engage, after an open bid process, a financial organization or organizations to invest assets of the program. In selecting the financial organization or organizations, the board shall take into consideration and give weight to the financial organization’s fees and charges in order to reduce the program’s administrative […]