2020 New York Laws
GBS - General Business
Article 43 - New York State Secure Choice Savings Program
1307 - Investment Options.

§  1307. Investment options. 1. The board shall establish or authorize
a  default  investment  option  for  enrollees  who  fail  to  elect  an
investment  option.  In  making  such  determination,  the  board  shall
consider the cost, risk profile, benefit level and ease  of  enrollment.
The  board  may  change  the default option if the board determines that
such change is in the best interests of the enrollees.
  2. The board may establish  or  authorize  any  additional  investment
options that the board deems appropriate including but not limited to:
  (a) a conservative principal protection fund;
  (b) a growth fund;
  (c)  a  secure return fund whose primary objective is the preservation
of the safety of principal and the provision of a  stable  and  low-risk
rate  of  return; if the board elects to establish a secure return fund,
the board may procure any insurance, annuity, or other product to insure
the value of enrollees' accounts and guarantee a  rate  of  return;  the
cost  of  such funding mechanism shall be paid out of the fund; under no
circumstances  shall  the  board,  program,  fund,  the  state,  or  any
participating  employer assume any liability for investment or actuarial
risk; the board shall determine whether to establish or  authorize  such
investment  options  based upon an analysis of their cost, risk profile,
benefit level, feasibility, and ease of implementation;
  (d) an annuity fund;
  (e) a growth and income fund; or
  (f) a life cycle fund with a target date based upon factors determined
by the board.