10.03.25
New York To Launch State Retirement Savings Program This Fall
by: Emily Boyle
New York will launch its mandatory state retirement savings program, the Secure Choice Savings Program, this fall for private-sector employers that do not offer a retirement plan. Employers with at least 10 employees — and in business for two years — will have nine months to register, upload employee data and begin payroll deductions. Employees will be automatically enrolled at a 3% savings rate into Roth IRAs but may opt out. The program aims to expand retirement access, joining 13 other states with similar plans. New York’s rollout follows models like New Jersey’s RetireReady NJ and California’s CalSavers.
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