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 […]
1300 – Definitions.
§ 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 […]
1301 – Program Established.
§ 1301. Program established. There is hereby established a retirement savings program in the form of 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 […]
1302 – Composition of the Board.
§ 1302. Composition of the board. There is hereby created the New York state secure choice savings program board. 1. The board shall consist of the following seven members: (a) the commissioner, or his or her designee, who shall serve as chair; (b) the state comptroller, or his or her designee; (c) the superintendent, or […]
1303 – Fiduciary Duty.
§ 1303. Fiduciary duty. The board, the individual members of the board, the trustees, any other agents appointed or engaged by the board, and all persons serving as program staff shall discharge their duties with respect to the program solely in the interest of the program’s enrollees and beneficiaries as follows: 1. for the exclusive […]