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Help workers in New York State save for retirement today with New York Secure Choice!
By: New York State Department of Taxation and Finance
The New York State Secure Choice Savings Program is open! With over half of workers in New York State without access to a workplace retirement plan, the state’s new retirement savings program is making it easier for employers to help their employees save for retirement with every paycheck.
Employers are required to register and facilitate New York Secure Choice by their deadline in 2026 if they have:
- 10 or more employees,
- have been in business for at least 2 years, and
- do not offer a qualified retirement plan.
For HR professionals, you can assist the businesses you support in facilitating the
program. It’s free and easy for employers to register and works seamlessly with the
payroll process. Get started today and review program requirements and available
payroll integrations at www.NewYorkSecureChoice.com.
Employer Benefits:
- There is no program cost to the employer.
- The program is easy to set up and integrate with your payroll process.
- There are no employer fiduciary responsibilities.
- Employers are not responsible for or permitted to match their employees’
contributions.
What It Means for Employees:
For employees, it provides a simple way to automatically save for retirement into their own Roth Individual Retirement Account (IRA) via payroll deductions. After employers add their employees to the program, employees will have 30 days to take one of three actions:
- Do nothing and start saving automatically at the default 3% savings rate.
- Customize their savings rate and investment options. They can also choose to
automatically increase their savings rate each year until it reaches 10%. - Opt out. Employee participation is completely voluntary. Employees can opt out
and re-enroll at any time.
For more information and to register, visit www.NewYorkSecureChoice.com.
