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Bill > S05395
NY S05395
NY S05395Ensures that employees are automatically enrolled into the secure choice savings program and if they do not want to participate in the program, they must opt out.
summary
Introduced
03/03/2021
03/03/2021
In Committee
03/03/2021
03/03/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Ensures that employees are automatically enrolled into the secure choice savings program and if they do not want to participate in the program, they must opt out.
AI Summary
This bill amends the general business law to ensure that employees are automatically enrolled into the New York state secure choice savings program, a retirement savings program in the form of an automatic enrollment payroll deduction IRA. Employees who do not want to participate in the program must opt out. The bill also requires participating employers to provide payroll deduction retirement savings arrangements for employees, and allows employees to change their contribution levels or opt out of the program at any time.
Committee Categories
Business and Industry
Sponsors (8)
Diane Savino (D)*,
John Brooks (D),
Leroy Comrie (D),
Andrew Gounardes (D),
Robert Jackson (D),
John Liu (D),
Rachel May (D),
Jessica Ramos (D),
Last Action
SUBSTITUTED BY A3213A (on 06/07/2021)
Official Document
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