Over 50 percent of working New Yorkers do not have access to a retirement plan through their employer — now for the first time in State history, those New Yorkers will have an easy way to save for their future.
A new state program delivers access to retirement savings to over 1.5 million New Yorkers currently without employer plans and provides eligible employers an easy way to help employees save for the future.
Governor Kathy Hochul announced the launch of the New York State Secure Choice Savings Program, a new state-sponsored retirement savings program for private-sector employees who do not have access to a workplace retirement plan.
“With the launch of the New York State Secure Choice Savings Program, we are expanding access to retirement savings and empowering New Yorkers to invest in their future,” said Hochul. “The program provides another tool for employees to build long-term financial security and plan for a dignified retirement.”
New York Secure Choice is free and easy for employers, and allows employees to save automatically through payroll deductions into portable Roth Individual Retirement Accounts (IRAs) they own and keep.
Following a successful pilot program, New York employers with ten or more employees that do not already offer a qualified retirement plan will now be able to provide their employees the opportunity to save for retirement at work.
New York State Department of Taxation and Finance Acting Commissioner Amanda Hiller said, “New York Secure Choice provides a simple way for workers in New York State to save for retirement with every paycheck.”
New York Secure Choice will notify employers required to facilitate the program and provide them with registration details. If you are an eligible employer, you can also enroll today by visiting the Secure Choice website.