New York government signs law making state auto-ARI program mandatory

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By Rachel Stone (October 21, 2021, 9:22 p.m. EDT) – New York Governor Kathy Hochul on Thursday signed a law requiring private sector companies that do not offer a pension plan to enroll their employees in the plan state pension unless they retire.

The measure, S.5395-A / A.3213-A, which the state legislature passed in June, will come into effect immediately now that it has been enacted by the governor, according to the Senate of the United States website. ‘State.

The purpose of the law is “to create a self-sustaining retirement savings program in the form of an automatic enrollment payroll deductions IRA, and to establish a board of directors charged with promoting greater retirement savings for private sector employees in …

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