NY Gen Bus L § 1304 (2021)
2021 New York Laws GBS - General Business Article 43 - New York State Secure Choice Savings Program 1304 - Duties of the Board.

§  1304.  Duties  of  the  board.  In addition to the other duties and responsibilities stated in this article,  the  board  shall,  itself  or through the use of appropriate financial organizations as managers:   1.  Cause  the  program  to be designed, established and operated in a manner that:  (a) accords with best practices for retirement savings vehicles;  (b) maximizes participation, savings, and sound  investment  practices including  considering  the use of automatic enrollment as allowed under federal law;  (c)  maximizes  simplicity,  including  ease  of  administration   for participating employers and enrollees;  (d)  provides  an efficient product to enrollees by pooling investment funds;  (e) ensures the portability of benefits; and  (f) provides for the deaccumulation of enrollee  assets  in  a  manner that provides a financial benefit in retirement.   2.  Explore  and establish or authorize investment options, subject to this article, that offer enrollees  returns  on  contributions  and  the conversion  of  individual retirement savings account balances to secure retirement income without incurring debt or liabilities to the state.   3. Establish or authorize the process by  which  interest,  investment earnings,  and  investment  losses  are  allocated to individual program accounts on a pro rata basis and are computed at the  interest  rate  on the balance of an individual's account.   4.  Make  and enter into contracts necessary for the administration of the program and fund, including,  but  not  limited  to,  retaining  and contracting  with  investment  managers,  financial organizations, other financial  and  service  providers,  consultants,  actuaries,   counsel, auditors,   third-party   administrators,  and  other  professionals  as necessary.   5. Conduct a periodic review  of  the  performance  of  any  financial organizations, including, but not limited to, a review of returns, fees, and customer service. A copy of reviews shall be posted to the program's Internet website.   6.  Cause  moneys  in  the  program  to be held and invested as pooled investments or otherwise, with a view to achieving cost savings  through efficiencies and economies of scale.   7. Evaluate and establish or authorize the process for:  (a)  an  enrollee  to  contribute a portion of his or her wages to the program via payroll deduction; and  (b) the enrollment of participating employers in the program.   8. The board may contract with financial organizations and third-party administrators with the  capability  to  receive  and  process  employee information  and  contributions  for  payroll  deduction  IRA or similar arrangements.   9. Evaluate and establish or  authorize  the  process  for  enrollment including the process by which an employee may opt not to participate in the  program,  select a contribution level, select an investment option, and terminate participation in the program.   10. Evaluate, or cause to be evaluated, the need for, and  procure  as needed,  insurance  against  any  and  all  loss  in connection with the property, assets, or activities of the program, and indemnify as  needed each  member of the board from personal loss or liability resulting from a member's action or inaction as a member of the board.   11. Make provisions  for  the  payment  of  administrative  costs  and expenses  for  the  creation,  management, and operation of the program. Subject  to  appropriation,  the  state  may  pay  administrative  costs associated  with  the  creation  and  management  of  the  program until  sufficient assets  are  available  in  the  program  for  that  purpose. Thereafter, all administrative costs of the program, including repayment of  any  start-up funds provided by the state, shall be paid only out of moneys  on  deposit  therein.  However, private funds or federal funding received in order to implement the program until it  is  self-sustaining shall  not be repaid unless those funds were offered contingent upon the promise  of  such  repayment.  The   board   shall   keep   its   annual administrative expenses as low as possible.   12.  Allocate administrative fees to individual retirement accounts in the program on a pro rata basis.   13. Set or  authorize  minimum  and  maximum  contribution  levels  in accordance  with  limits  established  for  IRAs by the Internal Revenue Code.   14. Facilitate education and outreach to employers and employees.   15.  Facilitate  compliance  by  the  program  with   all   applicable requirements  for the program under the Internal Revenue Code, including tax qualification requirements or any other applicable legal,  financial reporting and accounting requirements.   16.  Carry  out  the  duties  and  obligations  of  the  program in an effective, efficient, and low-cost manner.   17. Exercise any and all other powers  reasonably  necessary  for  the effectuation  of  the  purposes,  objectives,  and  provisions  of  this article.   18. Determine or authorize withdrawal  provisions,  such  as  economic hardships, portability and leakage.   19. Determine employee rights and enforcement of penalties.   20. Delegate such authority and responsibility for the development and implementation  of the program to the department of taxation and finance as the board deems proper.