Certain New York employers that do not provide a retirement benefit will be required to enroll in the Empire State’s retirement savings program this fall, according to a fact sheet published by the New York state government.
The New York State Secure Choice Savings Program is New York’s savings vehicle for private sector employees who lack access to a retirement plan at work. The program was created in the 2018-19 state budget as a voluntary mechanism to deposit payroll deductions into Roth individual retirement accounts, available to employees of organizations that chose to adopt the offering.
In 2021, New York Governor Kathy Hochul signed a bill amending the program and making it mandatory for certain covered employers. Enrollment remained voluntary, however, to allow the state to establish the governing board and complete foundational tasks for which the board is responsible. The state fact sheet states that program enrollment is “anticipated to begin in fall 2025,” and employers will be notified when it is time to register…