For purposes of this chapter, the following terms have the following definitions:
Account. The term "account" means an individual retirement savings account established by the retirement savings program.
Administrator. The term "administrator" means any person that has entered into 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 shall also apply to persons with whom the administrator contracts to implement such program or components.
Comptroller. The term "comptroller" means the comptroller of the city of New York.
Covered employee. The term "covered employee" means any employee as defined in subdivision 2 of section 190 of the labor law: (i) who is twenty-one years of age or older; (ii) who is employed for compensation by a covered employer in a position in which he or she is regularly scheduled to work at least 20 hours per week; and (iii) whose regular duties occur in the city, consistent with any rules promulgated by the retirement savings board pursuant to section 20-1408.
Covered employer. The term "covered employer" means any employer as defined in subdivision 3 of section 190 of the labor law that (i) employs no fewer than five employees whose regular duties occur in the city, consistent with any rules promulgated by the retirement savings board pursuant to section 20-1408; (ii) has employed no fewer than five such employees without interruption for the previous calendar year; (iii) has been in continuous operation for at least two years; and (iv) has not offered or maintained in the preceding two years a retirement plan, provided that an entity described in clauses (i) through (iv) in the definition of "participating employer" shall not constitute a covered employer.
IRA. The term "IRA" means either an individual retirement account or individual retirement annuity established under section 408 (traditional) or 408A (Roth) of the internal revenue code.
Other eligible employer. The term "other eligible employer" means an employer as defined in subdivision 3 of section 190 of the labor law that is authorized to offer the retirement savings program to its employees pursuant to subdivision m of section 20-1405 or any rule promulgated by the retirement savings board pursuant to section 20-1408.
Other eligible individual. The term "other eligible individual" means a self-employed individual or an employee as defined in subdivision 2 of section 190 of the labor law who is not a covered employee: (i) who is twenty-one years of age or older; and (ii) who is permitted to enroll in the retirement savings program pursuant to subdivision l or m of section 20-1405 or pursuant to any rule promulgated by the retirement savings board pursuant to section 20-1408.
Participant. The term "participant" means a covered employee enrolled in the retirement savings program or any other eligible individual who is enrolled in the retirement savings program pursuant to subdivision l or m of section 20-1405 or pursuant to any rule promulgated by the retirement savings board pursuant to section 20-1408.
Participating employer. The term "participating employer" shall mean any covered employer and any other eligible employer that chooses to offer the retirement savings program to its employees pursuant to subdivision m of section 20-1405 or any rule promulgated by the retirement savings board pursuant to section 20-1408; provided that (i) the United States government, (ii) the state of New York, including any office, department, independent agency, authority, institution, association, society or other body of the state including the legislature and the judiciary, (iii) the city or any local government or municipality, or (iv) any public corporation as defined by section 65 of the general construction law shall not constitute a participating employer.
Person. The term "person" means a person as defined in subdivision ten of section 1-112.
Retirement plan. The term "retirement plan" means a qualified retirement plan under section 401(a) of the internal revenue code, section 403(a), section 403(b), section 408(k), or section 408(p) of the internal revenue code; or a savings incentive match plan for employees of small employers (SIMPLE IRA Plan or SIMPLE 401(k) plan); a simplified employee pension (SEP); a salary reduction simplified employee pension (SARSEP); a payroll deduction IRA; or the New York state secure choice savings program established pursuant to section 1301 of the general business law.
Retirement savings board. The terms "retirement savings board" or "board" mean the retirement savings board established by section 20-1402.
Retirement savings program. The terms "retirement savings program" or "program" mean the retirement savings program established pursuant to section 20-1403, which will also be called the "Savings Access New York Retirement Program."
(L.L. 2021/051, 5/11/2021, eff. 8/9/2021)
a. There shall be a retirement savings board, which shall consist of three members. The members of the board shall be appointed by the mayor.
b. In making such appointments, the mayor may consider factors, including, but not limited to, the following:
1. Experience in the field of retirement plan administration;
2. Actuarial or demographics experience;
3. Representation of covered employees, other eligible individuals, or participants; and
4. Representation of covered employers, other eligible employers, or participating employers.
c. The mayor shall designate one member of the board to act as the chair.
d. Board members shall serve at the pleasure of the mayor and shall not receive compensation for work on such board.
e. The board shall meet not less than once every quarter and whenever deemed necessary by at least two members of the board.
f. The mayor may designate one or more agencies to provide staffing and other administrative support to the board.
g. Within appropriations therefor, the board may appoint one or more employees, including an executive director who may assign and supervise board staff. The board may delegate powers and functions to such employees, or to staff of agencies designated by the mayor pursuant to subdivision f of this section.
(L.L. 2021/052, 5/11/2021, eff. 8/9/2021)
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