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Int 0888-2018
| * | Ben Kallos | | | Establishing a retirement savings program for certain self-employed individuals and employees of private entities. | Introduction | 40% of New Yorkers near retirement age have less than $10,000 saved for retirement. This bill would thus create a mandatory auto-enrollment payroll deduction IRA program for employees of private sector employers which do not offer a retirement plan and employ five or more employees. The default employee contribution rate would be 5%, which employees can adjust up or down, or opt-out of at any time, up to the annual IRA maximum of $6,000 (or $7,000 if age 50 or above). The plan would be portable so when employees switch jobs they can continue to contribute or roll over their accounts into other retirement savings plans. Employers would not contribute on behalf of employees. | Hearing Held by Committee | |
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Int 0888-2018
| * | Ben Kallos | | | Establishing a retirement savings program for certain self-employed individuals and employees of private entities. | Introduction | 40% of New Yorkers near retirement age have less than $10,000 saved for retirement. This bill would thus create a mandatory auto-enrollment payroll deduction IRA program for employees of private sector employers which do not offer a retirement plan and employ five or more employees. The default employee contribution rate would be 5%, which employees can adjust up or down, or opt-out of at any time, up to the annual IRA maximum of $6,000 (or $7,000 if age 50 or above). The plan would be portable so when employees switch jobs they can continue to contribute or roll over their accounts into other retirement savings plans. Employers would not contribute on behalf of employees. | Laid Over by Committee | |
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Int 0901-2018
| * | I. Daneek Miller | | | Establishing a retirement savings board to oversee the city’s retirement savings program for certain self-employed individuals and employees of private entities. | Introduction | This bill would establish a retirement savings board to facilitate the implementation the retirement security program created by Proposed Int. No. 888-A. The board would consist of three members, who are appointed by the Mayor. The powers of the board include determining the start date of the program, entering into contracts with financial institutions and administrators, minimizing fees and costs associated with the administration of the program, creating a process for those not employed by a covered employer to participate, and conducting education and outreach to employers and employees. The board would work with the Comptroller—who is responsible for managing trust funds held by the City, such as the pension funds—to select the investment strategies and policies. The board would be required to report annually on its activities and actions. The bill would take effect in 90 days, however, the board would have up to two years to implement the program. | Hearing Held by Committee | |
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Int 0901-2018
| * | I. Daneek Miller | | | Establishing a retirement savings board to oversee the city’s retirement savings program for certain self-employed individuals and employees of private entities. | Introduction | This bill would establish a retirement savings board to facilitate the implementation the retirement security program created by Proposed Int. No. 888-A. The board would consist of three members, who are appointed by the Mayor. The powers of the board include determining the start date of the program, entering into contracts with financial institutions and administrators, minimizing fees and costs associated with the administration of the program, creating a process for those not employed by a covered employer to participate, and conducting education and outreach to employers and employees. The board would work with the Comptroller—who is responsible for managing trust funds held by the City, such as the pension funds—to select the investment strategies and policies. The board would be required to report annually on its activities and actions. The bill would take effect in 90 days, however, the board would have up to two years to implement the program. | Laid Over by Committee | |
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