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What is NYC AC § 20-1409?

Quick Answer

This section outlines the obligations of participating employers regarding the enrollment and fund remittance for employees in the retirement savings program. Employers must enroll covered employees and remit deducted funds as per the established rules. Applies to employers participating in the retirement savings program.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 20-1409 Participating employer obligations.

AC § 20-1409

a. A covered employer shall enroll each of its covered employees in the retirement savings program established by this chapter by a date to be determined by the board. b. A participating employer shall be required to remit funds deducted from the earnings of each participant for deposit in the retirement savings program periodically on the earliest practicable date, consistent with rules promulgated by the board pursuant to section 20-1408. (L.L. 2021/051, 5/11/2021, eff. 8/9/2021)

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