What New York Employers Need to Know
New York State is rolling out the New York Secure Choice Savings Program, a new retirement savings initiative designed to help employees who do not have access to a workplace retirement plan save for the future.
This program will affect many private-sector employers across New York, introducing new administrative requirements and registration deadlines beginning in 2026.
What Is the NY Secure Choice Program?
The New York Secure Choice Savings Program is a state-sponsored retirement savings program that allows employees to contribute to a Roth IRA through automatic payroll deductions.
Employees are automatically enrolled but may opt out or change their contribution rate at any time.
Key features include:
- Automatic enrollment through payroll
- Contributions deposited into an employee-owned Roth IRA
- Employees keep their account if they change jobs
- No employer contributions required
Official program information for employers: https://www.newyorksecurechoice.com/employers
Which Employers Must Participate?
New York employers are required to facilitate the program if they:
- Have 10 or more employees in New York. Employee count includes full-time, part-time and seasonal employees.
- Have been in business for at least two years
- Do not currently offer a qualified retirement plan such as a 401(k), SEP IRA, or SIMPLE IRA
Employers that already sponsor a qualified retirement plan may certify an exemption instead of participating.
Key Registration Deadlines
The program is being implemented in phases based on employer size:
- March 18, 2026 – Employers with 30+ employees
- May 15, 2026 – Employers with 15–29 employees
- July 15, 2026 – Employers with 10–14 employees
Employers will receive official notices from the Secure Choice Program when it is time to register.
Employer Responsibilities
Employers participating in the program will be required to:
- Register their business with the Secure Choice program
- Automatically enroll eligible employees
- Withhold payroll deductions from employee wages
- Submit contributions to the program administrator
- Provide required program information to employees
Importantly, employers do not manage investments, provide financial advice, or contribute to employee accounts.
Should Your Business Consider Other Options?
While the Secure Choice program provides a simple retirement savings option, businesses may want to consider implementing their own retirement plan, such as:
- 401(k) plans
- SIMPLE IRA plans
- SEP IRA plans
Employer-sponsored retirement plans may allow for higher contribution limits, employer matching, and potential tax incentives.
How Bucknam & Conley CPAs Can Help
With new compliance rules and deadlines approaching, it’s important for businesses to determine whether they will be required to participate in the Secure Choice program or whether establishing their own retirement plan may be the better option.
Our team can help you:
- Determine whether your business must comply
- Evaluate retirement plan alternatives
- Coordinate payroll and compliance requirements
- Plan proactively for upcoming deadlines
If you would like help understanding how the New York Secure Choice Savings Program may affect your business, please contact our office.