N.Y. General Business Law § 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 the superintendent of the department of

financial services.

2-a. "Commissioner" shall mean the commissioner of taxation and

finance.

2-b. "Comptroller" shall mean the comptroller of the state.

3. "Employee" shall mean any individual who is eighteen years of age

or older, who is employed by an employer, and who earned wages working

for an employer in New York state during a calendar year.

4. "Employer" shall mean a person or entity engaged in a business,

industry, profession, trade, or other enterprise in New York state,

whether for profit or not for profit, that (i) has at all times during

the previous calendar year employed at least ten employees in the state,

(ii) has been in business at least two years, and (iii) has not offered

a qualified retirement plan, including, but not limited to, a plan

qualified under sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p)

or 457(b) of the Internal Revenue Code of 1986 in the preceding two

years.

5. "Enrollee" shall mean any employee or individual who is enrolled in

the program.

6. "Internal Revenue Code" shall mean the Internal Revenue Code of

1986, or any successor law, in effect for the calendar year.

7. "IRA" shall mean a Roth IRA (individual retirement account).

8. "Participating employer" shall mean an employer that facilitates

access to the program's payroll deduction IRA as provided for by this

article for its employees who are enrollees in the program.

9. "Payroll deduction IRA" shall mean an arrangement by which a

participating employer facilitates access for enrollees to remit payroll

deduction contributions to the program.

10. "Program" shall mean the New York state secure choice savings

program.

11. "Wages" means any compensation within the meaning of section

219(f)(1) of the Internal Revenue Code that is received by an enrollee

from a participating employer during the calendar year.