N.Y. General Business Law § 1309: Employer and employee informational materials and disclosure forms

§ 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 required by law for employees.

2. The employee informational materials shall be made available in

English, Spanish, Haitian Creole, Chinese, Korean, Russian, Arabic, and

any other language the board deems necessary.

3. The employee informational materials shall include a disclosure

form. The disclosure form shall explain, but not be limited to, all of

the following:

(a) the benefits and risks associated with making contributions to the

program;

(b) the process for making contributions to the program;

(c) how to opt out of the program;

(d) the process by which an employee can participate in the program

with a level of employee contributions other than three percent;

(e) that they are not required to participate or contribute more than

three percent;

(f) the process for withdrawal of retirement savings;

(g) the process for selecting beneficiaries of their retirement

savings;

(h) how to obtain additional information about the program;

(i) that employees seeking financial advice should contact financial

advisors, that participating employers are not in a position to provide

financial advice, and that participating employers are not liable for

decisions employees make pursuant to this article;

(j) information on how to access any available financial literacy

programs;

(k) that the program fund is not guaranteed by the state; and

(l) that they can opt out after they have been enrolled.

4. The employee informational materials shall also include a form for

an employee to note his or her decision to opt out of participation in

the program or elect to participate with a level of employee

contributions other than three percent.

5. Participating employers shall supply the employee informational

materials to existing employees at least one month prior to the

participating employers' facilitation of access to the program.

Participating employers shall supply the employee informational

materials to new employees at the time of hiring and new employees may

opt out of participation in the program.