§ 1310 — Program implementation and enrollment

§ 1310. Program implementation and enrollment. Except as otherwise\nprovided in this article, the program shall be implemented, and\nenrollment of employees shall begin no later than December thirty-first,\ntwo thousand twenty-one. The provisions of this section shall be in\nforce after the board opens the program for enrollment.\n 1. (a) Each participating employer shall have a payroll deposit\nretirement savings arrangement to allow each employee to participate in\nthe program at most nine months after the board opens the program for\nenrollment.\n (b) Participating employers shall automatically enroll in the program\neach of their employees who has not opted out of participation in the\nprogram using the form described in this article and shall provide\npayroll deduction retirement savings arrangements for such employees and\ndeposit, on behalf of such employees, these funds into the program.\n 2. Enrollees shall have the ability to select a contribution level\ninto the program. This level may be expressed as a percentage of wages\nor as a dollar amount up to the deductible amount for the enrollee's\ntaxable year under section 219(b)(1)(A) of the Internal Revenue Code.\nEnrollees may change their contribution level at any time, subject to\nrules promulgated by the board. If an enrollee fails to select a\ncontribution level using the form described in this article, then he or\nshe shall contribute three percent of his or her wages to the program,\nprovided that such contributions shall not cause the enrollee's total\ncontributions to IRAs for the year to exceed the deductible amount for\nthe enrollee's taxable year under section 219(b)(1)(A) of the Internal\nRevenue Code. The deduction of contributions from an employee's wages\nshall not begin until the thirtieth day after such employee has been\nenrolled in the program.\n 3. Enrollees may select an investment option offered under the\nprogram. Enrollees may change their investment option at any time,\nsubject to rules promulgated by the board. In the event that an enrollee\nfails to select an investment option, that enrollee shall be placed in\nthe investment option selected or authorized by the board as the default\nunder this article.\n 4. Following initial implementation of the program pursuant to this\nsection, at least once every year, the program shall designate an open\nenrollment period during which employees who previously opted out of the\nprogram may enroll in the program.\n 5. An employee who opts out of the program and who subsequently wants\nto participate may only enroll during the program's designated open\nenrollment period or if permitted by the program at an earlier time.\n 6. Employers shall retain the option at all times to set up any type\nof employer-sponsored retirement plan.\n 7. An enrollee may terminate his or her enrollment in the program at\nany time in a manner prescribed by the board.\n 8. (a) The board shall establish or authorize a website regarding the\nsecure choice savings program.\n (b) The board shall establish and maintain or authorize the\nestablishment and maintenance of a secure website wherein enrollees may\nlog in and acquire information regarding contributions and investment\nincome allocated to, withdrawals from, and balances in their program\naccounts for the reporting period. Such website must also include\ninformation for the enrollees regarding other options available to the\nemployee and how they can transfer their accounts to other programs\nshould they wish to do so. Such website may include any other\ninformation regarding the program as the board may determine.\n 9. A person or entity engaged in a business, industry, profession,\ntrade, or other enterprise in New York state, whether for profit or not\nfor profit, that offers a qualified retirement plan, including, but not\nlimited to, a plan qualified under sections 401(a), 401(k), 403(a),\n403(b), 408(k), 408(p) or 457(b) of the Internal Revenue Code of 1986\nshall not terminate such plan for the purposes of participating in the\nprogram.\n