N.Y.
General Business Law Section 1309
Employer and employee informational materials and disclosure forms
1.
Prior to the opening of the program for enrollment, the board shall design and disseminate, or cause to be designed and disseminated, to all employers employer informational materials and employee informational materials, which shall include background information on the program, and necessary disclosures as required by law for employees.2.
The employee informational materials shall be made available in English, Spanish, Haitian Creole, Chinese, Korean, Russian, Arabic, and any other language the board deems necessary.3.
The employee informational materials shall include a disclosure form. The disclosure form shall explain, but not be limited to, all of the following:(a)
the benefits and risks associated with making contributions to the program;(b)
the process for making contributions to the program;(c)
how to opt out of the program;(d)
the process by which an employee can participate in the program with a level of employee contributions other than three percent;(e)
that they are not required to participate or contribute more than three percent;(f)
the process for withdrawal of retirement savings;(g)
the process for selecting beneficiaries of their retirement savings;(h)
how to obtain additional information about the program;(i)
that employees seeking financial advice should contact financial advisors, that participating employers are not in a position to provide financial advice, and that participating employers are not liable for decisions employees make pursuant to this article;(j)
information on how to access any available financial literacy programs;(k)
that the program fund is not guaranteed by the state; and(l)
that they can opt out after they have been enrolled.4.
The employee informational materials shall also include a form for an employee to note his or her decision to opt out of participation in the program or elect to participate with a level of employee contributions other than three percent.5.
Participating employers shall supply the employee informational materials to existing employees at least one month prior to the participating employers’ facilitation of access to the program. Participating employers shall supply the employee informational materials to new employees at the time of hiring and new employees may opt out of participation in the program.
Source:
Section 1309 — Employer and employee informational materials and disclosure forms, https://www.nysenate.gov/legislation/laws/GBS/1309 (updated Feb. 2, 2024; accessed Apr. 27, 2024).
