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Dear Client,
The Program is open for enrollment!
Employers are currently receiving a letter from the Program to register. If the employer already offers a qualified retirement plan or have fewer than 10 employees, they will need to certify their exemption online.
Private sector employers (for profit or non-profit) that have more than 10 employees in New York State, have been in business at least 2 years, and have not offered a retirement benefit within the last two years will need to enroll into the Program.
Employers must register with New York Secure Choice according to the phased schedule:
30+ Employees; by March 18, 2026
15-29 Employees; by May 15, 2026
10-14 Employees; July 15, 2026
There will be future penalties for noncompliance with the mandate ($250 for each employee for the first offense, with future offenses eventually exceeding $1,000 per employee)
Depending upon the demographics and goals of the employer, offering a separate retirement benefit to their employees may be a more attractive option. With the passage of SECURE 2.0, tax credits for startup costs and employer contributions are available. As you begin your tax preparation with your corporate clients, please keep us in mind for any that do not currently offer a retirement benefit or for those that offer a retirement benefit but are unsatisfied with their current providers.
Please feel free to reach out to us with any questions.
Ron and George
This information was developed as a general guide for plan sponsors but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.
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