Int. No. 888
By Council Members Kallos, the Public Advocate (Ms. James) and Miller
Title
A Local Law to amend the administrative code of the city of New York, in relation to establishing a retirement savings program for private-sector employees
Body
Be it enacted by the Council as follows:
Section 1. Title 20 of the administrative code of the city of New York is amended by adding a new chapter 14 to read as follows:
CHAPTER 14
RETIREMENT SAVINGS PROGRAM FOR PRIVATE-SECTOR EMPLOYEES
? 20-1401 Definitions.
? 20-1403 Establishment of retirement savings program.
? 20-1404 Certification required.
? 20-1406 Elements of retirement savings program.
? 20-1408 Covered employer obligations.
? 20-1412 Covered employer record retention.
? 20-1413 Enforcement.
? 20-1401 Definitions. For purposes of this chapter, the following terms have the following meanings:
Account. The term "account" means an individual retirement savings account established pursuant to the retirement savings program.
Administrator. The term "administrator" means a person that has entered an agreement with the retirement savings board to implement and maintain a retirement savings program or components of such program. More than one person may perform the functions of the administrator, and duties applicable to the administrator also apply to persons with whom the administrator contracts to implement such program or components.
Board. The term "board" means the retirement savings board, as defined in this section.
Covered employer. The term "covered employer" means any entity, whether for profit or otherwise, with a physical location in the city where such entity (i) currently employs no fewer than 10 employees and has employed no fewer than 10 employees without interruption for the previous calendar year; (ii) has been in continuous operation for at least two years; (iii) has not offered, in the preceding two y...
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