§ 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. 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. 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. 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 […]
§ 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 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. 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 […]
§ 1307. Investment options. 1. The board shall establish or authorize a default investment option for enrollees who fail to elect an investment option. In making such determination, the board shall consider the cost, risk profile, benefit level and ease of enrollment. The board may change the default option if the board determines that such […]
§ 1308. Benefits. Interest, investment earnings, and investment losses shall be allocated to individual program accounts as authorized by the board pursuant to this article. An individual’s retirement savings benefit under the program shall be an amount equal to the balance in the individual’s program account on the date the retirement savings benefit becomes payable. […]
§ 1309. Employer and employee informational materials and disclosure forms. 1. Prior to the opening of the program for enrollment, the board shall design and disseminate, or cause to be designed and disseminated, to all employers employer informational materials and employee informational materials, which shall include background information on the program, and necessary disclosures as […]
§ 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. 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. 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. 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 […]
§ 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. 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. The commissioner may issue such rules and regulations as he or she deems necessary to implement the terms of this article.
