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Regional Vice President of Sales The Retirement Plan Company
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New Mandatory Retirement Savings Program for Certain New York City Employers
Jackson Lewis P.C. [Guidance Overview] May 18, 2021 "The program provides for a default employee contribution rate of 5% ... [C]ontributions are capped at the annual federal IRA maximum ... [E]mployers must remit funds deducted from the earnings of each participant for deposit in IRAs on the earliest practicable date.... Employees may roll the accounts over into employer plans where eligible." |
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