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As discussed in our previous client alert, the New York Secure Choice Savings Program has launched. The Program requires covered private-sector employers to participate in an automatic-enrollment Roth IRA program.
Employers are required to participate if they:
- have ten or more employees in New York during the prior calendar year;
- do not already offer a qualified retirement plan (such as a 401(k)); and
- have been in business for at least two years.
Employers may have received notice of their registration obligations by mail or email from the Program. As a reminder, the registration deadlines are as follows:
- 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
Employers who believe they are exempt from the Program (e.g. they offer a qualifying retirement plan, have less than 10 employees, or have not operated for two years), must certify their exemption through the Program’s online portal.
Employers with 30 or more employees should take prompt action to certify either their participation or exemption prior to the March 18 deadline. All other employers should ensure compliance in a timely manner.
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