New York Secure Choice Savings Program: What Employers Need To Know

New York’s Secure Choice Savings Program brings new retirement savings requirements for certain employers. This guide outlines the program’s purpose, employer obligations, and important deadlines to help you stay ahead.

What Is the New York State Secure Choice Savings Program?

New York State Secure Choice (Secure Choice) is a state-facilitated program that helps employees save for retirement through automatic payroll deductions into Roth Individual Retirement Accounts (IRAs). The program was developed to help the estimated 3.5 million private sector workers in New York state who don’t have a way to save for retirement.

What Employers Need To Know About NYS Secure Choice

The program is mandatory for “covered” businesses. These are businesses that have 10 or more eligible in-state employees during the previous calendar year. Covered businesses also:

• Have been in business for at least two years
• Have not offered a workplace retirement plan in the preceding two years

Eligible businesses are required to register by the following assigned deadlines:

• Employers with 30 or more employees: March 18, 2026
• Employers with 15 to 29 employees: May 15, 2026
• Employers with 10 to 14 employees: July 15, 2026

What Are Key Features of the SECURE Choice Savings Program?

• Roth IRA structure. Contributions are made on an after-tax basis. IRA deduction limits apply. Employers cannot make matching contributions.
• Automatic enrollment. Employees can choose to opt out. Typically, the payroll contribution rate is 3 percent of an employee’s paycheck.
• Investment options. Secure Choice offers participants a limited choice of investment options. If they don’t choose, their contributions are invested according to the program's default structure.
• No eligibility for SECURE Act Tax Credits. Unlike a new 401(k), state IRAs do not qualify for start-up tax credits.

What Are the Employee Eligibility Requirements to NYS Secure Choice?

Eligible employees can participate in the NY State Secure Choice Savings program if they are:

• 18 years of age or older
• Employed in New York state
• Earning wages in New York state

Next Steps for New York State Employers

As developments with the New York State Secure Choice Savings Program continue to roll out, make sure that you stay aware of state retirement plan changes, key dates, and enrollment deadlines.