New York State has launched a new initiative aimed at expanding retirement savings access—and it’s one business owners should be aware of.
The New York Secure Choice Savings Program requires certain employers who don’t offer a retirement plan to provide access to the state-sponsored option, allowing employees to save for the future through payroll contributions.
Employer eligibility
You’re required to register and facilitate the program if you:
- Have 10 or more employees
- Do not offer a qualified retirement plan
- Have been in business for at least two years
If you fall into this category, you will need to either:
- Register for the Secure Choice program, or
- Establish your own retirement plan.
You can learn more by visiting the New York Secure Choice Savings Program website: https://www.newyorksecurechoice.com/
While we won’t be assisting with enrollment in the state program, we’re here if you’d like to explore retirement plan options that may offer even greater benefits for your employees and your business.