After considerable delay, employer registration for the New York State Secure Choice Savings Program (“New York Secure Choice” or “the Program”) is now open. New York Secure Choice—which was established in 2021 by New York General Business Law Article 43—is New York's state-run retirement program that mandates and facilitates the creation of Roth IRAs for private-sector employees who do not have access to a qualified retirement plan through their employers. Beginning in March of 2026, New York will require most private-sector employers to register for the Program or certify their exemption from the Program.
Private employers are required to participate in New York Secure Choice if they:
Importantly, there are no fees for employers to participate in the Program, and there are presently no employer-contribution or matching requirements. However, enrolled employees can expect to be charged a $28 annual fee (billed at $7 per quarter) plus an annual asset-based fee ranging from 0.22% to 0.31% of the total amount invested.
All employees 18 and older who have earned taxable wages from an enrolled New York employer must participate in the Program, and participating employers must automatically enroll each of their eligible employees in the Program. After enrollment, employees will have just 30 days to (1)...
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