New York State Secure Choice Savings Program: Helping Employees Save for Their Future

The New York State Secure Choice Savings Program is New York's retirement savings program for private-sector employees who do not have access to a retirement plan at work. This new program provides an easy and simple way for workers in the state to save for the future.

Employer eligibility and benefits

Employers are required to facilitate the program if they have 10 or more employees, do not offer a qualified retirement plan and have been in business for at least two years.

Employers will benefit from the New York State Secure Choice Savings Program because:

• It’s free to facilitate
• It’s easy to setup with minimal duties
• There are no employer contributions
• There are no fiduciary responsibilities

Employee eligibility and benefits

All employees of a participating employer are eligible if they are at least 18 years of age and have earned taxable wages from a New York employer. Employees are responsible for determining their Roth IRA eligibility. Seasonal employees are eligible if they earn wages in the calendar year of enrollment.

Employees benefit from the New York State Secure Choice Savings Program because:

• Contributions are automatically deducted from an employee’s paycheck and deposited into a Roth IRA account
• Contributions are voluntary. Employees are automatically enrolled and will have to opt out. They can re-enroll at any time.   
• Employees can keep their account even if they change jobs

Employer registration deadlines

Employers required to facilitate the program must register by the following deadlines:

How employers register

New York Secure Choice will notify you when it is time to register. You will need your Employer Identification Number (EIN) and unique access code that was sent to you. If you cannot find your access code, you can request it online.* 

https://newyorksecurechoice.vestwell.com/register/employer/access-code-request

Once registered, you will be required to add employees. New York Secure Choice will communicate directly with employees to explain their options, and they will have 30 days from registration to opt out or customize their savings rate and investment choices.  

At the end of the 30 days, the employer will record employees’ choices, begin payroll deductions (coordinate with your Farm Credit East payroll processor, if applicable), and submit contribution information and funding for the employees that choose to stay in the program.  

*If you receive a notification from New York Secure Choice but already offer a qualified retirement plan for your employees, use your unique Access Code and employer identification number (EIN) to certify your exemption from the program.

Ongoing Maintenance

• Employers will be responsible for monitoring their employer portal for any savings rate changes employees make and will need to update their payroll contributions accordingly prior to the next expected payroll contribution date.
• Employers will send payroll for active employees every pay period.
• Employers should keep employee lists up to date. Adding new employees or marking departing employees as terminated.