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There are proposed changes for the New York State Retirement Law which would require many New York employers to provide their employees with access to a retirement savings plan. The New York State Secure Choice Savings Program aims to help an estimated 3.5 million private sector workers who currently lack access to an employer-sponsored retirement plan start saving for their future.

Here are the key details New York employers should know when the mandate goes into effect:

Employer Requirements

  • Employers with 10 or more employees aged 18 and over in New York State must offer a retirement savings option
  • This can be either the employer’s existing retirement plan, such as a 401(k), or the state-run Secure Choice program
  • If selecting Secure Choice Savings Program, employers must enroll all eligible employees for an initial 30-day period, although employee participation is voluntary

What is Secure Choice?

  • Secure Choice is a Roth IRA program funded through payroll deductions
  • The standard default contribution rate is 3% of the employee’s gross pay but can be changed by employee
  • Accounts are portable so employees keep their savings if they change jobs
  • Employers are not permitted to contribute to employees’ accounts

For the most updated information, please visit New York Secure Choice Savings Program Board (


This communication should not be construed as legal advice.  Please consult with your attorney accordingly.

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