Establishing a retirement savings board to oversee the city’s retirement savings program for certain self-employed individuals and employees of private entities.

A Local Law to amend the administrative code of the city of New York, in relation to establishing a retirement savings board to oversee the city’s retirement savings program for certain self-employed individuals and employees of private entities, and setting forth powers of the comptroller and other provisions in relation to such program

This bill would establish a retirement savings board to facilitate the implementation the retirement security program created by Proposed Int. No. 888-A. The board would consist of three members, who are appointed by the Mayor. The powers of the board include determining the start date of the program, entering into contracts with financial institutions and administrators, minimizing fees and costs associated with the administration of the program, creating a process for those not employed by a covered employer to participate, and conducting education and outreach to employers and employees. The board would work with the Comptroller—who is responsible for managing trust funds held by the City, such as the pension funds—to select the investment strategies and policies. The board would be required to report annually on its activities and actions. The bill would take effect in 90 days, however, the board would have up to two years to implement the program.