Senate Bill S4344B

2017-2018 Legislative Session

Relates to enacting the New York state secure choice savings program act

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • 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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Bill Amendments

co-Sponsors

2017-S4344 - Details

See Assembly Version of this Bill:
A4982
Current Committee:
Senate Finance
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 585, R & SS L; add §§99-bb & 99-cc, St Fin L
Versions Introduced in 2015-2016 Legislative Session:
S6045, A8332

2017-S4344 - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

2017-S4344 - Sponsor Memo

2017-S4344 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4344
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 10, 2017
                                ___________
 
 Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the retirement and social security  law  and  the  state
   finance  law, in relation to enacting the New York state secure choice
   savings program act

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "New York state secure choice savings program act".
   § 2. The retirement and social security law is amended by adding a new
 article 14-C to read as follows:
                               ARTICLE 14-C
               NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
 SECTION 570. DEFINITIONS.
         571. PROGRAM ESTABLISHED.
         572. COMPOSITION OF THE BOARD.
         573. FIDUCIARY DUTY.
         574. DUTIES OF THE BOARD.
         575. RISK MANAGEMENT.
         576. INVESTMENT FIRMS.
         577. INVESTMENT OPTIONS.
         578. BENEFITS.
         579. EMPLOYER AND EMPLOYEE INFORMATION  PACKETS  AND  DISCLOSURE
                FORMS.
         580. PROGRAM IMPLEMENTATION AND ENROLLMENT.
         581. PAYMENTS.
         582. DUTY AND LIABILITY OF THE STATE.
         583. DUTY AND LIABILITY OF PARTICIPATING EMPLOYERS.
         584. AUDIT AND REPORTS.
         585. PENALTIES.
         586. DELAYED IMPLEMENTATION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2017-S4344A - Details

See Assembly Version of this Bill:
A4982
Current Committee:
Senate Finance
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 585, R & SS L; add §§99-bb & 99-cc, St Fin L
Versions Introduced in 2015-2016 Legislative Session:
S6045, A8332

2017-S4344A - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

2017-S4344A - Sponsor Memo

2017-S4344A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4344--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 10, 2017
                                ___________
 
 Introduced  by Sens. SAVINO, ADDABBO, ALCANTARA, AVELLA, BAILEY, CARLUC-
   CI, GALLIVAN, HAMILTON, HOYLMAN,  KRUEGER,  LANZA,  LATIMER,  PERALTA,
   RANZENHOFER,  SANDERS,  STAVISKY,  VALESKY  --  read twice and ordered
   printed, and when printed to be committed to the  Committee  on  Civil
   Service  and  Pensions  -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the retirement and social security  law  and  the  state
   finance  law, in relation to enacting the New York state secure choice
   savings program act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "New York state secure choice savings program act".
   § 2. The retirement and social security law is amended by adding a new
 article 14-C to read as follows:
                               ARTICLE 14-C
               NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
 SECTION 570. DEFINITIONS.
         571. PROGRAM ESTABLISHED.
         572. COMPOSITION OF THE BOARD.
         573. FIDUCIARY DUTY.
         574. DUTIES OF THE BOARD.
         575. RISK MANAGEMENT.
         576. INVESTMENT FIRMS.
         577. INVESTMENT OPTIONS.
         578. BENEFITS.
         579. EMPLOYER AND EMPLOYEE INFORMATION  PACKETS  AND  DISCLOSURE
                FORMS.
         580. PROGRAM IMPLEMENTATION AND ENROLLMENT.
         581. PAYMENTS.
         582. DUTY AND LIABILITY OF THE STATE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2017-S4344B (ACTIVE) - Details

See Assembly Version of this Bill:
A4982
Current Committee:
Senate Finance
Law Section:
Retirement and Social Security Law
Laws Affected:
Add Art 14-C §§570 - 585, R & SS L; add §§99-bb & 99-cc, St Fin L
Versions Introduced in 2015-2016 Legislative Session:
S6045, A8332

2017-S4344B (ACTIVE) - Summary

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner.

2017-S4344B (ACTIVE) - Sponsor Memo

2017-S4344B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4344--B
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 10, 2017
                                ___________
 
 Introduced  by Sens. SAVINO, ADDABBO, ALCANTARA, AVELLA, BAILEY, CARLUC-
   CI, GALLIVAN, HAMILTON, HOYLMAN,  KRUEGER,  LANZA,  LATIMER,  PERALTA,
   RANZENHOFER,  SANDERS,  STAVISKY,  VALESKY  --  read twice and ordered
   printed, and when printed to be committed to the  Committee  on  Civil
   Service  and  Pensions  -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said  committee  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  to  amend  the retirement and social security law and the state
   finance law, in relation to enacting the New York state secure  choice
   savings program act
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York state secure choice savings program act".
   § 2. The retirement and social security law is amended by adding a new
 article 14-C to read as follows:
                               ARTICLE 14-C
               NEW YORK STATE SECURE CHOICE SAVINGS PROGRAM
 SECTION 570. DEFINITIONS.
         571. PROGRAM ESTABLISHED.
         572. COMPOSITION OF THE BOARD.
         573. FIDUCIARY DUTY.
         574. DUTIES OF THE BOARD.
         575. RISK MANAGEMENT.
         576. INVESTMENT FIRMS.
         577. INVESTMENT OPTIONS.
         578. BENEFITS.
         579. EMPLOYER  AND  EMPLOYEE  INFORMATION PACKETS AND DISCLOSURE
                FORMS.
         580. PROGRAM IMPLEMENTATION AND ENROLLMENT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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