New York City Council Header
Meeting Name: Committee on Civil Service and Labor Agenda status: Final
Meeting date/time: 9/23/2019 10:30 AM Minutes status: Final  
Meeting location: Council Chambers - City Hall
Published agenda: Agenda Agenda Published minutes: Minutes Minutes  
Meeting video:  
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Int 0888-2018 *Ben Kallos  Establishing a retirement savings program for private-sector employees.IntroductionThere 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  Action details Not available
Int 0888-2018 *Ben Kallos  Establishing a retirement savings program for private-sector employees.IntroductionThere 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  Action details Not available
Int 0901-2018 *I. Daneek Miller  Establishing a retirement savings board to oversee the city’s retirement savings program for private-sector employees.IntroductionThis 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  Action details Not available
Int 0901-2018 *I. Daneek Miller  Establishing a retirement savings board to oversee the city’s retirement savings program for private-sector employees.IntroductionThis 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  Action details Not available