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