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New York Consolidated Laws, General Business Law - GBS § 1302. Composition of the board

Current as of January 01, 2024 | Updated by FindLaw Staff

There is hereby created the New York state secure choice savings program board.

1. The board shall consist of the following seven members:

(a) the commissioner, or his or her designee, who shall serve as chair;

(b) the state comptroller, or his or her designee;

(c) the superintendent, or his or her designee;

(d) two public representatives with expertise in retirement savings plan administration or investment, or both, one of whom shall be appointed by the speaker of the assembly and one of whom shall be appointed by the temporary president of the senate;

(e) a representative of participating employers, appointed by the governor; and

(f) a representative of enrollees, appointed by the governor.

2. Members of the board shall serve without compensation but may be reimbursed for necessary travel expenses incurred in connection with their board duties from funds appropriated for the purpose.

3. The initial appointments shall be as follows: the public representatives for four years; the representative of participating employers for three years; and the representative of enrollees for three years. Thereafter, all the governor's appointees shall be for terms of four years.

4. A vacancy in the term of an appointed board member shall be filled for the balance of the unexpired term in the same manner as the original appointment.

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Cite this article: FindLaw.com - New York Consolidated Laws, General Business Law - GBS § 1302. Composition of the board - last updated January 01, 2024 | https://codes.findlaw.com/ny/general-business-law/gbs-sect-1302/

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