N.Y. State Finance Law 99-BB*3 – New York state secure choice administrative fund
* § 99-bb. New York state secure choice administrative fund. 1. There is hereby established within the joint custody of the commissioner of taxation and finance and the state comptroller in consultation with the New York state secure choice savings program board, a new fund to be known as the New York state secure choice administrative fund.
Terms Used In N.Y. State Finance Law 99-BB*3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
2. The New York state secure choice savings program board shall use moneys in the administrative fund to pay for administrative expenses it incurs in the performance of its duties under the New York state secure choice savings program pursuant to Article 43 of the general business law.
3. The New York state secure choice savings program board shall use moneys in the administrative fund to cover start-up administrative expenses it incurs in the performance of its duties under Article 43 of the general business law.
4. The administrative fund may receive any grants or other moneys designated for administrative purposes from the state, or any unit of federal or local government, or any other person, firm, partnership, or corporation. Any interest earnings that are attributable to moneys in the administrative fund must be deposited into the administrative fund.
* NB There are 5 § 99-bb's