NY A06972

Establishes the New York State Small Business Child and Dependent Care Savings Program as a payroll deduction arrangement for employees of small businesses with 1-100 employees that have been in business at least two years and do not currently offer child and dependent care savings plans.

Creates a new fund jointly administered by the Commissioner of Labor and State Comptroller to hold employee contributions made through automatic payroll deductions, with individual accounts maintained for each enrollee.

Allows participating employers to establish payroll deduction arrangements enabling employees to voluntarily contribute to the program, with open enrollment periods at least once annually for employees who previously opted out.

Requires employee contributions to be remitted to the fund by the last day of the month following the payroll period in which compensation would have been paid, or by a later deadline set by administrators.

Exempts participating employers from fiduciary responsibility and liability for program administration, benefits, or individual employee decisions to participate or opt out.