N.Y. General Business Law 1313 – Duty and liability of participating employers
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§ 1313. Duty and liability of participating employers. 1. Participating employers shall not have any liability for an employee's decision regarding whether to participate in, or opt out of, the program or for the investment decisions of the board or of any enrollee.
Terms Used In N.Y. General Business Law 1313
- Board: shall mean the New York secure choice savings program board established under this article. 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
- Enrollee: shall mean any employee or individual who is enrolled in the program. See N.Y. General Business Law 1300
- Fiduciary: A trustee, executor, or administrator.
- IRA: shall mean a Roth IRA (individual retirement account). 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
2. A participating employer is not establishing or maintaining the program's payroll deduction IRA. A participating employer shall not be a fiduciary, or considered to be a fiduciary, over the program. A participating employer shall not bear responsibility for the administration, investment, or investment performance of the program. A participating employer shall not be liable with regard to investment returns, program design, and benefits paid to program participants.