New York has officially joined the list of states mandating retirement savings programs. The New York Secure Choice Savings Program is moving toward full implementation, and employers without a plan need to prepare.
What Is It?
Secure Choice is a state-run Roth IRA program funded through payroll deductions. Employees are automatically enrolled but can opt out. Employers don’t contribute, don’t pick investments, and don’t have fiduciary liability. Your role is limited to transmitting contributions.
Who’s Covered?
You’re in if you:
· Have 10+ employees in New York,
· Have been in business at least two years, and
· Don’t sponsor a retirement plan.
If you already have a 401(k), 403(b), SIMPLE, or SEP, you’ll need to certify your exemption.
Timeline
· Pilot phase – Underway now.
· Enrollment – Expected late 2025.
· Compliance window – Up to 9 months after launch.
What to Do Now
· Confirm if Secure Choice applies to you.
· Gather documents if you’re exempt.
· Make sure payroll can handle deductions.
· Organize employee data for onboarding.
· Communicate early—employees will have questions.
· Consider whether a private plan (401(k), PEP) is a better option.
Bottom Line
Secure Choice is coming, and it’s not optional. Compliance will be easy if you prepare now, but don’t wait until the state tells you you’re behind.