N.Y. General Business Law § 1310: Program implementation and enrollment

§ 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 have a payroll deposit

retirement savings arrangement to allow each employee to participate in

the program at most nine months after the board opens the program for

enrollment.

(b) Participating employers shall automatically enroll in the program

each of their employees who has not opted out of participation in the

program using the form described in this article and shall provide

payroll deduction retirement savings arrangements for such employees and

deposit, on behalf of such employees, these funds into the program.

2. Enrollees shall have the ability to select a contribution level

into the program. This level may be expressed as a percentage of wages

or as a dollar amount up to the deductible amount for the enrollee's

taxable year under section 219(b)(1)(A) of the Internal Revenue Code.

Enrollees may change their contribution level at any time, subject to

rules promulgated by the board. If an enrollee fails to select a

contribution level using the form described in this article, then he or

she shall contribute three percent of his or her wages to the program,

provided that such contributions shall not cause the enrollee's total

contributions to IRAs for the year to exceed the deductible amount for

the enrollee's taxable year under section 219(b)(1)(A) of the Internal

Revenue Code. The deduction of contributions from an employee's wages

shall not begin until the thirtieth day after such employee has been

enrolled in the program.

3. Enrollees may select an investment option offered under the

program. Enrollees may change their investment option at any time,

subject to rules promulgated by the board. In the event that an enrollee

fails to select an investment option, that enrollee shall be placed in

the investment option selected or authorized by the board as the default

under this article.

4. Following initial implementation of the program pursuant to this

section, at least once every year, the program shall designate an open

enrollment period during which employees who previously opted out of the

program may enroll in the program.

5. An employee who opts out of the program and who subsequently wants

to participate may only enroll during the program's designated open

enrollment period or if permitted by the program at an earlier time.

6. Employers shall retain the option at all times to set up any type

of employer-sponsored retirement plan.

7. An enrollee may terminate his or her enrollment in the program at

any time in a manner prescribed by the board.

8. (a) The board shall establish or authorize a website regarding the

secure choice savings program.

(b) The board shall establish and maintain or authorize the

establishment and maintenance of a secure website wherein enrollees may

log in and acquire information regarding contributions and investment

income allocated to, withdrawals from, and balances in their program

accounts for the reporting period. Such website must also include

information for the enrollees regarding other options available to the

employee and how they can transfer their accounts to other programs

should they wish to do so. Such website may include any other

information regarding the program as the board may determine.

9. 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 offers 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

shall not terminate such plan for the purposes of participating in the

program.