Int. No. 901
By the Public Advocate (Ms. James) and Council Member Kallos
Title
A Local Law to amend the administrative code of the city of New York, in relation to establishing a retirement savings board to oversee the city's retirement savings program for private-sector employees
Body
Be it enacted by the Council as follows:
Section 1. Chapter 14 of title 20 of the administrative code of the city of New York is amended by adding new sections 20-1402, 20-1405, 20-1407, 20-1409, 20-1410 and 20-1411 to read as follows:
? 20-1402 Establishment of retirement savings board; membership.
? 20-1405 Powers of retirement savings board.
? 20-1407 Rulemaking.
? 20-1409 No guarantees permitted; potential losses.
? 20-1410 Information and disclaimers to eligible and participating employees.
? 20-1411 Annual report and audit.
? 20-1402 Establishment of the retirement savings board; membership. a. There shall be a retirement savings board, which shall consist of three members.
b. The mayor shall appoint the members of the board. In making such appointments, the mayor shall consider factors including but not limited to the following:
1. Experience in the field of retirement savings plan administration or investment;
2. Actuarial or demographics experience;
3. Representation of an association of eligible employees or a representative of participating employees; and
4. Representation of covered employers, such as by a local chamber of commerce.
c. At its first meeting, the board shall select a chairperson from among its members by a majority vote of such board.
d. There shall be an advisory committee to the retirement savings board, the members of which shall be appointed as follows:
1. The speaker of the council shall appoint one member;
2. The comptroller shall appoint one member; and
3. The public advocate shall appoint one member.
e. Memb...
Click here for full text