New York Secure Choice Savings Program, Coming in 2025

New York has officially joined the growing list of states requiring certain private employers to offer retirement savings options. Secure Choice is a state-sponsored retirement savings program structured as an automatic-enrollment Roth IRA.

An employer will be covered under Secure Choice if it: 
・Has 10 or more employees in New York at all times during the prior calendar year, 
・Has been in business for at least two years, and 
・Does not currently sponsor a qualified retirement plan (such as a 401(k), 403(b), SIMPLE IRA, or SEP). 

Employers notified by the Program, who believe they are exempt, will need to follow specific procedures to certify their exemption.

Jackson Lewis:
Countdown to Compliance: What Employers Need to Know About New York’s Secure Choice Savings Program

New York State:
Coming in 2025 – Welcome to New York Secure Choice