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.<\/p>\n
What Is It?<\/p>\n
Secure Choice is a state-run Roth IRA program funded through payroll deductions. Employees are automatically enrolled but can opt out. Employers don\u2019t contribute, don\u2019t pick investments, and don\u2019t have fiduciary liability. Your role is limited to transmitting contributions.<\/p>\n
Who\u2019s Covered?<\/p>\n
You\u2019re in if you:<\/p>\n
\u00b7 Have 10+ employees in New York,<\/p>\n
\u00b7 Have been in business at least two years, and<\/p>\n
\u00b7 Don\u2019t sponsor a retirement plan.<\/p>\n
If you already have a 401(k), 403(b), SIMPLE, or SEP, you\u2019ll need to certify your exemption.<\/p>\n
Timeline<\/p>\n
\u00b7 Pilot phase \u2013 Underway now.<\/p>\n
\u00b7 Enrollment \u2013 Expected late 2025.<\/p>\n
\u00b7 Compliance window \u2013 Up to 9 months after launch.<\/p>\n
What to Do Now<\/p>\n
\u00b7 Confirm if Secure Choice applies to you.<\/p>\n
\u00b7 Gather documents if you\u2019re exempt.<\/p>\n
\u00b7 Make sure payroll can handle deductions.<\/p>\n
\u00b7 Organize employee data for onboarding.<\/p>\n
\u00b7 Communicate early\u2014employees will have questions.<\/p>\n
\u00b7 Consider whether a private plan (401(k), PEP) is a better option.<\/p>\n
Bottom Line<\/p>\n
Secure Choice is coming, and it\u2019s not optional. Compliance will be easy if you prepare now, but don\u2019t wait until the state tells you you\u2019re behind.<\/p>\n
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