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Int 0888-2018
| * | Ben Kallos | | | Establishing a retirement savings program for private-sector employees. | Introduction | There are roughly 3.5 million private-sector workers in New York City, a significant percentage of whom have no access to retirement savings whatsoever. This bill would establish an individual retirement account (IRA) program for private-sector workers at businesses with 10 or more employees located in New York City that do not already offer retirement savings plans. Enrollment in the program is automatic, but employees may opt out. Contributions are handled through payroll deductions and set at a default rate, but employees may change their contribution rate. Savings accounts would be comprised of individual employees’ savings only; neither employers nor the City would contribute to individual accounts. Covered employers would be required to distribute program information to employees. The bill also sets forth a complaint procedure and civil penalties for violations. | Hearing Held by Committee | |
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Int 0888-2018
| * | Ben Kallos | | | Establishing a retirement savings program for private-sector employees. | Introduction | There are roughly 3.5 million private-sector workers in New York City, a significant percentage of whom have no access to retirement savings whatsoever. This bill would establish an individual retirement account (IRA) program for private-sector workers at businesses with 10 or more employees located in New York City that do not already offer retirement savings plans. Enrollment in the program is automatic, but employees may opt out. Contributions are handled through payroll deductions and set at a default rate, but employees may change their contribution rate. Savings accounts would be comprised of individual employees’ savings only; neither employers nor the City would contribute to individual accounts. Covered employers would be required to distribute program information to employees. The bill also sets forth a complaint procedure and civil penalties for violations. | 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 private-sector employees. | Introduction | This bill would establish a retirement savings board to facilitate the implementation of an individual retirement account (IRA) program for private-sector workers at businesses with 10 or more employees located in New York City that do not already offer retirement savings plans. The board would consist of three members, who are appointed by the Mayor. The powers of the board include directing the investment of funds contributed to the IRAs, entering into contracts with financial institutions and administrators, minimizing fees and costs associated with the administration of the program, and conducting education and outreach to employers and employees. The board would be required to submit to the Mayor, the Speaker of the Council, the Comptroller and the Public Advocate an annual report of its activities and actions. | 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 private-sector employees. | Introduction | This bill would establish a retirement savings board to facilitate the implementation of an individual retirement account (IRA) program for private-sector workers at businesses with 10 or more employees located in New York City that do not already offer retirement savings plans. The board would consist of three members, who are appointed by the Mayor. The powers of the board include directing the investment of funds contributed to the IRAs, entering into contracts with financial institutions and administrators, minimizing fees and costs associated with the administration of the program, and conducting education and outreach to employers and employees. The board would be required to submit to the Mayor, the Speaker of the Council, the Comptroller and the Public Advocate an annual report of its activities and actions. | Laid Over by Committee | |
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