Bill Text: NY S07885 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 7885

Introduced

Bill Title: Expands participation in the New York state secure choice savings program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO CONSUMER PROTECTION [S07885 Detail]

Download: New_York-2023-S07885-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          7885

                    IN SENATE

                                     January 3, 2024
                                       ___________

        Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
          printed to be committed to the Committee on Consumer Protection

        AN ACT to amend the general  business  law,  in  relation  to  expanding
          participation in the New York state secure choice savings program

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 4 of section 1300 of the general business  law,
     2  as  amended  by  chapter  452 of the laws of 2021, is amended to read as
     3  follows:
     4    4. "Employer" shall mean a person or entity  engaged  in  a  business,
     5  industry,  profession,  trade,  or  other  enterprise in New York state,
     6  whether for profit or not for profit, that (i) has at all  times  during
     7  the previous calendar year employed at least [ten] five employees in the
     8  state,  (ii)  has been in business at least two years, and (iii) has not
     9  offered a qualified retirement plan, including, but not  limited  to,  a
    10  plan  qualified  under  sections 401(a), 401(k), 403(a), 403(b), 408(k),
    11  408(p) or 457(b) of the Internal Revenue Code of 1986 in  the  preceding
    12  two years.
    13    §  2. This act shall take effect on the first of January next succeed-
    14  ing the date on which it shall have become a law.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13736-01-3