2020 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, within twenty-four months after the
effective  date of this article. The provisions of this section shall be
in force after the board opens the program for enrollment.
  1. No employer shall  be  required  to  participate  in  or  otherwise
implement 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.
  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 may enroll in the program.
  5.  An  employee who chooses not to participate in 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.