N.Y. General Business Law 1311 – Payments
§ 1311. Payments. Employee contributions deducted by the participating employer through payroll deduction shall be remitted by the participating employer to the program using one or more payroll deduction IRAs established or authorized by the board under this article, either:
Terms Used In N.Y. General Business Law 1311
- Board: shall mean the New York secure choice savings program board established under this article. See N.Y. General Business Law 1300
- Employee: shall mean any individual who is eighteen years of age or older, who is employed by an employer, and who earned wages working for an employer in New York state during a calendar year. See N.Y. General Business Law 1300
- Employer: shall mean a person or entity engaged in a business, industry, profession, trade, or other enterprise in New York state, whether for profit or not for profit, that (i) has at all times during the previous calendar year employed at least ten employees in the state, (ii) has been in business at least two years, and (iii) has not offered a qualified retirement plan, including, but not limited to, a plan qualified under sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or 457(b) of the Internal Revenue Code of 1986 in the preceding two years. See N.Y. General Business Law 1300
- Participating employer: shall mean an employer that facilitates access to the program's payroll deduction IRA as provided for by this article for its employees who are enrollees in the program. See N.Y. General Business Law 1300
- Program: shall mean the New York state secure choice savings program. See N.Y. General Business Law 1300
- Wages: means any compensation within the meaning of section 219(f)(1) of the Internal Revenue Code that is received by an enrollee from a participating employer during the calendar year. See N.Y. General Business Law 1300
1. on or before the last day of the month following the month in which the compensation otherwise would have been payable to the employee in cash; or
2. before such later deadline prescribed by the board for making such payments, but not later than the due date for the deposit of tax required to be deducted and withheld relating to collection of income tax at source on wages or for the deposit of tax required to be paid under the unemployment insurance system for the payroll period to which such payments relate.