Introducing the New York State Secure Choice Savings Program — A simple way to help your employees save for the future
The New York State Secure Choice Savings Program is now open for registration. New York Secure Choice is New York State’s retirement savings program for private-sector employees who do not have access to a retirement plan at work. Employers who meet the following conditions must register and facilitate New York Secure Choice:
- you have 10 or more employees,
- you do not offer a qualified retirement plan, and
- you have been in business for at least two years.
New York State will notify you of your upcoming registration deadline as it approaches—but there’s no need to wait. Register now and provide your employees with access to this great benefit and help them start saving for retirement with every paycheck.
How to register
- Visit Employer registration.
- Enter your employer identification number (EIN).
- Enter your unique Access Code: 1AHFQN
Note: Do not share your unique Access Code with any other business. This code is specific to your business.
How to certify your exemption
If you already offer a retirement plan or have fewer than 10 employees, certify your exemption from the program online using your EIN and unique Access Code.
How New York Secure Choice impacts employers and employees
For employers, New York Secure Choice is a simple way to help your employees save for the future and it can benefit your business too.
- It's free to facilitate.
- It's easy to set up. There’s no complex administration and minimal ongoing responsibilities.
- It's a low time investment. There’s easy integration with your payroll process, so you can focus on your business.
- It's a valuable benefit to attract and retain employees.
- You are not required or permitted to match employees’ contributions.
- You have no fiduciary responsibility.
For employees, New York Secure Choice is an easy way to save for retirement.
- It's simple. Employee contributions are automatically deducted from their paychecks and deposited into a Roth Individual Retirement Account (IRA).
- It's flexible. Employees can customize their savings rate and investment options or stick with the default selections.
- It's portable. Employees keep their accounts, even if they change jobs.
- It's voluntary. Employees can stay automatically enrolled or opt out and re-enroll at any time.
Where to learn more about New York Secure Choice
Visit our website, www.NewYorkSecureChoice.com, for more information on your role in facilitating the program. You can also find answers to frequently asked questions and explore helpful resources like this quick overview video that walks you through employer registration.
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