NY A05217

Establishes the New York State Small Business Child and Dependent Care Savings Program, a payroll deduction program for employees of small businesses to save for child and dependent care expenses.

Defines eligible small businesses as those with 1-100 employees, in operation for at least two years, and not currently offering a child and dependent care savings plan.

Requires the Commissioner of Labor and State Comptroller to jointly administer the program, design enrollment processes, set contribution limits, and establish withdrawal provisions within twelve months of the bill's effective date.

Mandates participating employers establish payroll deduction arrangements allowing employees to contribute a percentage of wages or dollar amounts to individual savings accounts in the program fund.

Exempts the state and participating employers from liability for program benefits and fiduciary responsibilities, with financial liability for benefits falling to contracted insurance entities instead.