NY Gen Bus L § 1310 (2021)
2021 New York Laws GBS - General Business Article 43 - New York State Secure Choice Savings Program 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.